Govt receives advisory commission’s report on economic reform

Kathmandu: The government received the report of the high-level economic reform commission on Wednesday.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel received the report. The commission formed under the chairmanship of former finance secretary Rameshwor Khanal submitted the report, suggesting a list of works to be carried out in three years for economic progress.

The report has mentioned the area of work to be executed by the government for both short and long terms to bring reform in the national economy.

Submitting the document, Chairman Khanal said, ‘The report has two sections- one is for immediate works, and another for long term- of three years. The report has analyzed the current economic status, identified problems and recommended measures for solutions.’

Even a draft law has been provided in the report as part of a legal measure to sort out problems facing industrial sectors. Two to three laws had to be scrapped and structural changes of some institutions were advised, according to him.

The document shed light on government liability and due payment, facilitation to the real loaner of financial sectors, formulation of law to regulate commercial borrowing, an increase of capital spending, reconstruction of physical structures damaged by the Jajarkot earthquake, quick distribution of compensation to the government of the lands acquired for development projects, address of the problems facing the cooperating sector, facilitation to Indian tourists coming to Nepal via land routes; and furnished related suggestions.

The government is further urged to increase the premium of health insurance, review the grant-based programmes because of the availability of resources and impact of grants in production and employment, formulation of law to establish a public-private partnership company considering increase of non-banking property and slump in realty business.

Mobilization of a high-powered team has been recommended for regular monitoring and onsite inspection of all projects for which more than Rs 100 million budget has been allocated.

This is advised as part of an increase in capital spending in the remaining time of the current fiscal year. The working area of the saving and credit cooperatives could be limited to a geographical area of one local level by making laws on it.

Similarly, cooperatives are not allowed to make their members other than natural persons.

The meeting of the Council of Ministers on October 7, 2024, had formed the high-level economic reform advisory commission under Khanal’s chairmanship having the members- member of the National Planning Commission, Dr Prakash Kumar Shrestha; Chief of Department of Economics at TU, Prof Dr Ram Prasad Gyawali; economist Dr Bishwas Gauchan; and senior researcher at Policy Research Institution, Dr Kalpana Khanal.

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