Finance Minister Urges Swift Resolution of Budgetary Policy and Legal Hurdles

Kathmandu. Finance Minister Dr. Swarnim Wagle has stated that the policy and legal complexities of the economic reforms announced in the budget must be resolved in a mission mode. He said this on Thursday (yesterday) during a discussion organized at the ministry with the Ministry of Industry regarding the reform plans for the implementation of the budget for the fiscal year 2083/84 BS.

In the discussion held in the presence of Industry Minister Gauri Kumari, the Finance Minister emphasized that each ministry should advance work by creating a timetable for the policy and legal issues of economic reforms that need to be done in the areas of industry, commerce, and supply management.

He also stated that since most of the economic reform programs announced in the budget are under the Ministry of Industry, cooperation between the two ministries will be increased to resolve them.

“Let the Ministry of Industry promptly advance the policy and legal work that needs to be reformed in the budget,” said Finance Minister Wagle. “Tell us what other support is needed from experts, resources, or the Ministry of Finance.”

He also said that the legal work that needs to be done immediately to create an investment-friendly environment, facilitate trade, and attract foreign investment must be completed within a few weeks.

Speaking at the discussion, Minister of Industry, Commerce, and Supply Gauri Kumari said that the ministry is preparing to advance the budget's reform plans. She stated that it is necessary to coordinate with the Ministry of Finance and take technical support from it for the work falling under the ministry's jurisdiction.

“There are 8 reform programs of the budget under the Ministry of Industry,” said the Industry Minister. “We have started work on some, and some are in the process of being advanced.”

Eight legal and policy reform plans under the Ministry of Industry, Commerce, and Supply have been announced in the budget for the current fiscal year. These include amendments to the Company Act and the Insolvency Act, as well as the creation of new laws related to the Recovery of Dues Act and intellectual property protection.

With the implementation of the budget for the new fiscal year, the Ministry of Finance has now created a work schedule to regularly discuss the implementation of programs announced in the budget with the responsible ministries and take progress reports.