Govt plans five special packages to revive economy: Finance minister

KATHMANDU: Finance Minister Dr Swarnim Wagle has said the government is preparing five special packages to revitalise the economy.

Addressing the 28th annual general meeting (AGM) of the Society of Economic Journalists-Nepal (SEJON), Wagle said work was progressing on packages covering economic recovery, the capital market, the private sector, financial compliance and international financing.

Under the first package, the government is working on recovery and rehabilitation following damage caused by the Bhotekoshi flood. Studies have already been conducted on providing relief and rehabilitation support to affected industrialists, businesspeople and members of the public.

The second package will include 10- to 12-point policy reform plan intended to address sluggish activity in the capital market. The government is preparing to introduce the plan within a week.

Wagle said a third package aimed at supporting the recovery of the private sector would be announced soon. Under the fourth package, the government is prioritising efforts to remove Nepal from the Financial Action Task Force grey list.

The fifth package will focus on mobilising international financing for reconstruction following the flood damage.

“We are also moving forward in bringing in international funds and managing them properly,” Wagle said.

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Anjan Shrestha said the flood had caused unimaginable damage. He urged the government to introduce a special package for affected industrialists, businesspeople and traders to support the private sector.