The government is prioritising economic reforms and business-friendly policies to stimulate the struggling Nepali economy, which has faced a slowdown for quite a while now.
In response, the government has formed a five-member high-level Economic Sector Reform Commission to propose economic reforms and solutions including boosting market demand, improving loan investments, and enhancing banking loanable funds.
The commission is led by Rameshwor Khanal (former Finance Secretary at the Ministry of Finance) including members Prof. Dr. Ram Prasad Gyawali (Head of the Economics Department at Tribhuvan University), Dr. Prakash Kumar Shrestha (Nepal Rastra Bank official and a member of the National Planning Commission) and Dr. Bishwas Gauchan and Dr. Kalpana Khanal, who both are well-recognised economists.
Recent market stagnation, particularly during the traditionally busy Dashain festival, highlighted the urgent need for this commission. Finance Minister Bishnu Poudel emphasised the commission’s role in consulting stakeholders to guide the economy forward.
“This commission will consult all relevant stakeholders and provide recommendations to steer the economy in the right direction…”, he stated.
Similarly, the Ministry of Finance is preparing to take action for a more business and industrial-friendly environment in the country.
FM Paudel has reportedly instructed senior officials at the ministry to focus on fostering a business-friendly atmosphere in the country to boost capital mobilisation and investment growth. He also instructed relevant authorities to intensify their efforts in revenue collection and capital expenditure.
