Lack of project classification barriers to project implementation: Finance Minister Paudel

Kathmandu: Deputy Prime Minister and Minister of Finance Bishnu Prasad Paudel has said that the inability to define the jurisdiction between the three levels of government and the lack of classification of projects are creating barriers to the successful implementation of development projects.

In today’s meeting of the Finance Committee, Finance Minister Paudel said that clear criteria should be made regarding the classification of projects and it should be made clear which level of government will implement which projects.

Although the state of the country’s economy is gradually improving it is not satisfactory, he said, ‘We are slowly trying to get out of the problems and pressures in the economy. Foreign exchange reserves are good with adequate liquidity and lower interest. Inflation is within the desired limits. But we are not satisfied with this progress. It needs further improvement.’

He also said that the Ministry of Finance is working ambitiously to raise about 30 percent more revenue than the previous financial year to achieve the revenue target set by the government through the budget of the current financial year.

The Finance Minister expressed the hope that since Nepal has evaluated the country’s sovereign credit for the first time in its history with satisfactory results, the investment will gradually increase. He also made it clear that the government takes public credit based on its needs and capabilities.

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