Govt sets agenda to boost credibility by removing country from money laundering list

KATHMANDU: The government has set a goal to undertake various meaningful efforts to make the country's economy dynamic. In the budget for upcoming fiscal year 2025/26, unveiled by Deputy Prime Minister and Finance Minister Bishnu Paudel at the joint session of the Federal Parliament on Thursday, it was mentioned that a significant agenda for the government is to enhance the economy's credibility by removing the country from the money laundering risk monitoring list ahead of the scheduled time.

Likewise, the Finance Minister also announced a plan to advance additional economic reform programmes to achieve a higher credit rating, utilising the encouraging results obtained from the first sovereign credit rating for external capital mobilisation.

Given the private sector's excitement due to legal reforms introduced through ordinances to boost private sector morale and create an investment environment, public investment will be focused on profitable areas. This aims to attract private sector capital and technology, thereby qualitatively increasing economic activities.

The goal is to establish the private sector as the primary driver of economic prosperity by implementing further policy, legal and procedural reforms in areas that contribute significantly to economic growth. Furthermore, the report of the high-level economic reform suggestion commission, 2081, will be progressively implemented.

The government plans to diversify sources to achieve sustainable development goals (SDGs) by 2030 and to address potential investment shortfalls after graduating to developing country status in 2026. It also intends to professionalise revenue administration and strengthen the revenue system. Public debt will be channelled into high-yield sectors. The government plans to cut inappropriate projects, prioritise and highly value the implementation of results-oriented projects, and utilise new and potential alternative financing instruments to meet development finance shortfalls.

The budget also includes plans to emphasise the trade balance through increased exports of competitive goods and services and the promotion of domestic production of consumer goods. It further aims to attract skilled Nepali nationals and experts working abroad to become entrepreneurs and self-employed in their home country, and to give high priority to creating youth-targeted employment through the promotion of innovation and entrepreneurship.

"The government is firmly determined to achieve further accomplishments based on the positive results attained since the formation of the current government, to bring about positive changes in people's lives, to overcome all forms of despair, and to instil hope among the general public," said Finance Minister Paudel.

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