Continuous efforts on for economic reforms, Finance Minister says

Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that continuous efforts for the country’s economic reforms are being taken.

Addressing a programme organised by the Management Association of Nepal (MAN) for pre-budget discussions, the Finance Minister said that different laws were amended for investment promotion and good governance in the first phase.

In the second stage, there has been a beginning for economic reforms through legal reforms, and this will continue, according to the Finance Minister.

Paudel stated that several laws were amended for investment facilitation and good governance promotion through an ordinance for economic reforms.

On the occasion, the finance minister stated that the government was working by giving priority to the private sector but admitted that the private sector was facing hardships for investment due to policy instability.

Likewise, he said that the Alternative Development Finance Mobilization Bill was registered in parliament for the nation’s economic development and investment promotion and added that the Bill would be passed soon.

The finance minister mentioned that the cooperative sector is one of the major pillars of economy in the country but the issues in the cooperative sector were visible since some of its actors worked by violating the principles of cooperative.

Senior vice president of Federation of Nepalese Chamber of Commerce and Industry Anjan Shrestha, senior vice president of Nepal Chamber of Commerce Dipak Malhotra, and other speakers shared their views on the upcoming fiscal year’s budget stating that it should facilitate investment in the country.

The other speakers suggested that there should be structural reforms in economy, the private sector’s morale should be boosted and information technology sector should be prioritized along with the youth and women entrepreneurship development.