Budget sets clear direction for economic transformation: Finance minister
KATHMANDU: Finance Minister Dr Swarnim Wagle said a clear direction had been set for economic transformation through the budget for the current fiscal year.
During a discussion with chief executive officers of commercial banks at the Ministry in Singha Durbar on Tuesday, Wagle called for suggestions as the government focused on implementing the budget. He sought recommendations on structural reforms needed to increase credit flow to the manufacturing sector, on new approaches to monetary policy, regulation and supervision, and on improving coordination between the Ministry of Finance, Nepal Rastra Bank and the banking sector, according to the minister’s personal secretariat.
“Our common goal is to revitalise Nepal’s economy, increase investment, expand production, create jobs, and restore confidence in the private sector,” Wagle said. “Commercial banks are the most important agents of the economy. Entrepreneurs, farmers, industrialists, investors, and young people who wanted to start new businesses came here. Therefore, the real psychology of the economy, market confidence, investor thinking, and expectations for the future were most clearly felt here.”
Wagle said the government had been progressing with regulatory, legal and institutional reforms and stressed the need to understand why excess liquidity in the banking system had not been converted into production and investment.
He added that the relationship between the government and the banking sector should be one of shared national responsibility, since economic growth, investment expansion, job creation and financial stability were common objectives.
(With inputs from RSS)
