Government preparing for laws to explore alternative development financing: Minister Paudel

Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has said that the government was preparing to introduce a legal mechanism for alternative development financing.

Minister Poudel said that a new bill is being prepared to explore new and alternative fiscal resources. During a discussion with the officials of the Finance Ministry, Minister Poudel argued that managing people’s aspirations for development and the nation’s fiscal management was challenging from the traditional financing sources based on revenue, foreign aid and loans.

‘We are preparing a draft of the alternative development financing management and we will soon take it to the legislation process,’ the Finance Minister shared. He was of the view that the alternative development financing mechanism would contribute significantly to managing more fiscal resources and making investments.

For economic prosperity, a huge investment was required not only in infrastructure but also in the areas of skilled human resource development and soft power.

Likewise, he said that the political parties, private sector and stakeholders should move in a new fashion for development and economic prosperity.

According to the Spokesperson of the Finance Ministry Mahesh Bhattarai, alternative development financing would support prioritising the infrastructure sector, ensuring domestic and foreign investment in infrastructure and making the right use of fiscal equipment among others.

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