E‑payments necessary for financial good governance, says finance minister

LALITPUR: Finance Minister Rameshore Prasad Khanal has said the government has made it mandatory for all payments to be conducted through an electronic system to maintain financial good governance.

Speaking at a high‑level policy dialogue on 'Fiscal Reform and Budget Priorities for Reconstruction and Economic Revival' organised by the Former Planners Forum Nepal (FPFN) today in Lalitpur, Minister Khanal expressed confidence that electronic payments will end the hassle of carrying physical bills.

"We have simplified the online system at the Inland Revenue Office, are working to link the tax system with local levels, and are in continuous coordination and collaboration with Nepal Rastra Bank to facilitate revival," Minister Khanal said. He added that the government is mindful that focusing solely on economic reforms might create difficulties during elections.

Finance Minister Khanal said more than Rs 30 billion has been kept in reserve to be distributed among federal, provincial and local governments for reconstruction purposes.

Economist Professor Dr Kusum Shakya emphasised the need to be goal‑oriented in addressing economic revival following the Covid19 pandemic and the Gen-Z protests. Shakya said the political changes following the Gen-Z protests have significantly impacted the economy.

Professor Dr Govind Raj Pokharel, former vice‑chairman of the National Planning Commission (NPC), urged a focus on economic good governance through better management of the bureaucracy, describing it as a crucial part of the development process.

During the event, former NPC member Dr Dilli Raj Khanal presented a working paper that highlighted weaknesses in Nepal's fiscal system and identified areas needing reform.

(With inputs from RSS)