New Finance Minister Swarnim Wagle Assumes Office, Pledges Economic Reform and Repeal of 15 Laws

Kathmandu. The newly appointed Finance Minister, Dr. Swarnim Wagle, assumed office at the Ministry of Finance today. Upon taking charge, he expressed a commitment to taking concrete steps for the country's economic revival and good governance. He announced the initiation of the process to repeal 15 old laws that burden the private sector and the general public. He clarified that the decision was based on the recommendations of the High-Level Economic Reform Suggestion Report and various business organizations. 

Finance Minister Wagle stated that the upcoming budget on Jestha 15 (May 28/29) will be transformative, redefining the country's economic direction. For this, many regulations, rules, and discretionary powers will be controlled according to the new policy guidance (mandate). A separate Legal Reform Board will be formed for this purpose. 

Finance Minister Wagle stated that high priority will be given to the security and promotion of private enterprise and business. He noted that developments following the events of 2080-81 BS have made the issue of private sector protection even more significant. 

Finance Minister Dr. Wagle outlined five main priorities to address the various challenges facing the country's economy. 

He stated that the short-term, medium-term, and long-term impacts of the ongoing war in the Middle East on remittances, petroleum prices, and fertilizers will be analyzed and addressed. Internal economic stagnation, unemployment, and slow economic growth will be addressed immediately. He pointed out the need to fix the mismatch where the private sector is unable to take loans despite an increase in bank deposits, alongside the 'drought' seen in revenue collection and expenditure.