Finance Minister Bishnu Paudel Signals Government’s Commitment to Economic Advancement

Deputy Prime Minister and Minister for Finance Bishnu Paudel has reiterated the government’s commitment to implementing tangible measures to boost the national economy. Speaking at the 26th annual general meeting of the Society of Economic Journalists-Nepal (SEJON) on Sunday, Finance Minister Paudel emphasized the government’s ongoing efforts to improve the economy through policy and operational interventions.

Minister Paudel acknowledged that while economic and financial indicators are showing positive trends, the confidence of general investors and consumers has not yet fully recovered. He urged the private sector to take a proactive approach in achieving the national goals of development and prosperity, assuring that the government remains open to addressing the legitimate concerns of private businesses.

Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari also addressed the gathering, highlighting improvements in the nation’s economy. He noted that key monetary and financial indicators are becoming more favorable, with the external sector stabilizing, inflation decreasing, and liquidity in banks and financial institutions on the rise. He expressed optimism that the economy will experience a new wave of vibrancy in the current fiscal year and pledged that the NRB will address issues in the economic system at a policy level.

Chandra Prasad Dhakal, President of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) raised concerns about the proposed amendments to the Banks and Financial Institutions Act, which he argued contain provisions that are not conducive to the private sector. He also pointed out potential challenges posed by allowing the Commission for the Investigation of Abuse of Authority and the National Vigilance Center to monitor the private sector. Dhakal called for the prompt payment of government dues to construction companies, better control of cross-border imports and illegal transactions, and greater flexibility in the amount of cash Indian tourists can carry in Nepal.

Rajesh Kumar Agrawal, President of the Confederation of Nepalese Industries (CNI), noted that despite some improvements in the economy, domestic production and demand remain stagnant, signaling the need for continued efforts to stimulate growth.