Finance Minister Wagle pledges to end bribery, legal hurdles for private sector

KATHMANDU: Newly appointed Finance Minister Swarnim Wagle has pledged to end administrative hassles, bribery and unnecessary legal complications for private sector. He said firms will no longer need to pay bribes, queue at government offices or face imprisonment for routine economic activities.

Speaking on Monday at a meeting with representatives of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), he said a policy has been adopted to advance the private sector as a partner of the government. "The situation in which the private sector suffers will now end; we are your partners," he said.

Wagle highlighted the private sector’s role in investment expansion and job creation. He said the government must focus on generating employment by increasing investment. He also reiterated his stance on controlling corruption. "I have not come to take bribes, nor will I allow anyone else to do so."

The finance minister said policies on economic crimes are being changed to emphasise financial penalties rather than imprisonment for general economic irregularities. "In cases of economic dishonesty, we will now move towards financial fines; industrialists and traders do not need to be jailed," he said. This is intended to give the economy new momentum, he asserted.

However, he said the state will provide facilitation but expects honesty from private sector. "When the state becomes a friend and partner, it is expected that the private sector will not engage in dishonest practices either," he said. "If dishonesty is committed intentionally, we will be ruthless."