Dr. Gunakar Bhatta Appointed as Vice-Chairman of National Planning Commission

Kathmandu. The government has appointed Dr. Gunakar Bhatta as the Vice-Chairman of the National Planning Commission. The decision was made during the Cabinet meeting held at Singha Durbar on Tuesday. Bhatta, who has now been appointed as the commission's vice-chairman, was previously in the race to become the 18th Governor of Nepal Rastra Bank.

It seemed almost certain that Dr. Bhatta would become the Governor. However, at the last moment, the then-government did not appoint him. At that time, there was a coalition government of the Nepali Congress and the CPN (UML), with CPN (UML) Chairman KP Sharma Oli serving as Prime Minister.

The position of the Governor of the Central Bank had fallen to the Nepali Congress based on political power-sharing. Nepali Congress President Sher Bahadur Deuba had promised to make Bhatta the Governor. However, claiming that the then-Prime Minister did not accept him, the Congress recommended Prof. Dr. Bishwanath Paudel instead of Bhatta.

Dr. Bhatta, who spent 25 years at the Central Bank, is an expert in monetary economics and known for his clean image. While his appointment as Governor seemed almost certain, he was blocked due to political maneuvering. However, the tides have turned, and the current government has brought him into Singha Durbar as the Vice-Chairman of the National Planning Commission.

When the Governor's post was vacant, the power-sharing between the Nepali Congress and the CPN (UML) was at its peak. There was an initial agreement between Congress President Sher Bahadur Deuba and then-Prime Minister KP Sharma Oli to appoint Dr. Gunakar Bhatta as Governor.

Deuba was impressed by Bhatta's technical expertise and impartiality. However, as the appointment process progressed, the mood in Baluwatar changed.

Prime Minister Oli pressured the Congress to find alternatives to Dr. Bhatta. The appointment was stalled for over a month as there was no consensus, possibly because Oli considered Bhatta too close to the Congress or for other reasons.

With Oli remaining firm on his stance regarding Bhatta, Deuba was forced to look for alternatives. When the Congress sidelined Bhatta and recommended someone else, it created a situation where the recommendation committee itself had to be dissolved.

The process of appointing the Governor became highly complex at that time. It involved the formation and reorganization of the recommendation committee. Both the coordinator and members of the committee had to resign. The Governor Recommendation Committee was formed on 2081 Chaitra 11. However, due to conflicts of interest and political tactics, the committee members resigned.

On Baisakh 9, former Governor Bijay Nath Bhattarai resigned from the committee. Shortly after, on Baisakh 28, Dr. Bishwa Paudel also resigned from the committee after receiving a proposal to become a candidate for Governor himself. After the members resigned, then-Finance Minister Bishnu Prasad Paudel reorganized the committee on Baisakh 31 and brought in Posh Raj Pandey.

After his name was recommended for Governor, some raised legal questions about the process. A case was even filed in the Supreme Court arguing that the government could not appoint an executive director as Governor. Dr. Bhatta wanted to stay away from all these controversies, but some disputes did occur.

Dr. Bhatta had resigned from his position as Executive Director of the Central Bank after receiving assurances that he would become Governor. However, his resignation was not even accepted by the then-Acting Governor Dr. Neelam Dhungana to prevent him from becoming Governor. When efforts to stop him from becoming Governor succeeded from all sides, Bhatta was blocked from the position. However, the current government appears to have valued his capabilities.

Who is Dr. Gunakar Bhatta?

Dr. Bhatta is a permanent resident of Shikhar Municipality in Doti district of Sudurpashchim Province. His name is well-known in Nepal's economic sector. He completed his Master's degree with a gold medal from Tribhuvan University, and holds a Master's degree from the prestigious Williams College in the USA, and a PhD in Economics from Wayne State University.

He has worked for 25 years in various capacities at the Central Bank. During his time at the Central Bank, he served as spokesperson multiple times. He also led important departments such as bank regulation, supervision, payment systems, and public debt management.

With the Cabinet's decision on Tuesday to appoint Dr. Bhatta as the Vice-Chairman of the Planning Commission, the responsibility of drafting the country's overall development blueprint now rests on his shoulders. Having mastered monetary policy, it is expected that Bhatta will now play a crucial role in bridging the gap between fiscal policy and development policy.