Kathmandu. Former Finance Secretaries have suggested ruthlessly cutting down on unprofitable projects.
The Finance Ministry made this suggestion during a discussion with former Finance Secretaries on Wednesday on economic reforms. The former Finance Secretaries have also suggested that the Finance Ministry focus on large projects.
At a program organized at the Finance Ministry, the former Finance Secretaries suggested taking bold steps for further reforms in the economy. They also suggested making fiscal federalism effective, making the relevant ministries and departments responsible for capital expenditure, and increasing coordination between the federal, provincial, and local levels.
Similarly, former finance secretaries have suggested adopting frugality in current expenditure, increasing internal resources, making expenditure effective in projects of national pride, and minimizing the informal economy. They emphasized the need to organize insurance, cooperatives, capital markets, and corporations. They said that the Department of Money Laundering and Investigation should be brought under the Ministry of Finance.
The former secretaries also suggested that foreign aid should be focused on investment rather than aid and loans, that climate finance should be emphasized, and that a budget should be brought in a factual and implementable manner. The Finance Ministry has also been suggested to review and integrate social security, eliminate sick industries based on studies, consider tax exemptions, find more options in the field of revenue mobilization, increase liquidity in the market, and pay special attention to areas where the state has long-term liabilities.
Similarly, it has been emphasized to prioritize alternative financial management, keep revenue targets realistic rather than ambitious, increase capital expenditure, harmonize fiscal policy and monetary policy, formulate policies and budgets based on facts, effectively implement existing laws and regulations, maintain policy stability, and focus on the service sector. The former Finance Secretaries have also suggested improving the business environment to make it easier for the private sector.
The program was attended by former Chief Secretary and former Finance Secretary Dr. Bimal Koirala, former Finance Secretaries Rameshwor Khanal, Bhanu Acharya, Krishnahari Baskota, Suman Sharma, Dr. Rajan Khanal, Shishir Dhungana, Madhu Marasini and former Revenue Secretaries Lal Shankar Ghimire and Ram Sharan Pudasaini.
Finance Secretary Ghanshyam Upadhyay and Revenue Secretary Dinesh Kumar Ghimire have said that they will move forward by considering the suggestions received from the former secretaries.
