Finance Minister Dr. Swarnim Wagle States Government Successfully Initiated Economic Turnaround

Kathmandu. Finance Minister Dr. Swarnim Wagle has stated that the government has successfully initiated the process of turning the economy in the right direction. Addressing a meeting with all ministry secretaries on Monday regarding the budget implementation plan for the fiscal year 2083/84, he said that in the coming years, the economy will be accelerated and its benefits will reach the public. Describing the economy as a large ship, he mentioned that the challenging task of turning it in a new direction was completed this year. Finance Minister Wagle informed that in the second and third years, the economy will be accelerated, and in the fourth and fifth years, the benefits from the reforms made will be distributed among the Nepali people. He stated that this is the clear vision of the government for five years and the main objective of all five budgets. Good governance is the primary agenda of the government, and he pledged to strictly implement the policy of zero tolerance towards corruption. The Finance Minister emphasized the need to break the past trend of good budget formulation but weak implementation. He informed that the government is working to make capital expenditure and revenue targets reliable, claiming that revenue targets will be achieved through extensive reforms, leadership changes, and full digitalization in the Internal Revenue Department and customs administration. Stating that the economy does not run solely on government spending, he pointed out the need for legal and structural reforms to energize the private sector, which has a share of over 50 kharba. He said that legal reforms do not require a large budget but play an important role in attracting and protecting private capital. Speaking at the program, Finance Minister Dr. Wagle said, 'We have turned the direction of the economy this year. Now, our five-year goal is to accelerate it in the second and third years and distribute the benefits of the reforms to the Nepali people in the fourth and fifth years.' Speaking on good governance, he added, 'The government is firm on good governance, integrity, and zero tolerance towards corruption. The Prime Minister, ministers, and all leadership must work accountably to the Nepali people and their leadership.' He also assured that the bureaucracy will be provided with the necessary incentives while removing old malpractices. Emphasizing the implementation aspect, the Finance Minister said, 'Complaints of weak implementation despite good policies and budgets have been recurring. Therefore, special emphasis must be placed on reliable implementation this time. Revenue administration, especially internal revenue and customs, will be extensively reformed with digital technology.' Speaking about the private sector, he added, 'The goal is to attract and protect private sector investment and energize the overall economy through legal and structural reforms. For this, all ministries must prioritize economic reforms. This time, the government must work result-oriented and differently according to public expectations.' Regarding cooperation with employees, he said, 'Our commitment is to deliver good governance by completing work quickly, effectively, and according to legal procedures with the experience and cooperation of secretaries and other employees.' Acknowledging that reforms are not possible without the support of an experienced bureaucracy, he clarified that policies will be taken to encourage employees. Finance Minister Wagle stated that the Prime Minister and ministers must be accountable to political parties, the public, and relevant leadership. He said that accountability and transparency are essential in state governance to establish good governance and control corruption. Regarding administrative reforms, the Finance Minister said, 'A clear vision has emerged, which is good governance. We are strict on our principles of zero tolerance, integrity, and zero tolerance to corruption.' Speaking about leadership accountability, he said, 'The Honorable Prime Minister, all of us ministers must move forward very strictly with the understanding that we are held accountable by the Nepali people, by our party, and by our respective leadership as well.' Finally, speaking about the bureaucracy, he said, 'We will leave behind old malpractices and irregularities, and we have also said that we will incentivize the bureaucracy according to its capabilities.' He has directed all ministry secretaries to make budget implementation effective and achieve the goals of governance reform.