Annual policy and programme places emphasis on economic reforms

Kathmandu / May 19: The annual policy and programme for the fiscal year 2080/81 has been presented at the parliament with a focus on economic reforms of the country.

Presenting the annual policy and programme at the joint meeting of the federal parliament, President Ramchandra Paudel said the government has a goal to gradually improve the economy.

“Reduction in the overall demand of economy coupled with shrinking liquidity, higher interest rate, price inflation, low capital expenditure, weak revenue mobilization and pressure in external sector would be gradually addressed”, President Paudel said while presenting the annual policy and programme.

The annual policy and programme lays emphasis on the participation of private sector for economy expansion, efficient revenue administration, effective capital spending and reduction in public spending.

The government’s policy and programme has further emphasized on making the national income judicious and developing private sector as the key partner of economic development.

“The country would be made economically strong by enhancing production and productivity and expanding employment opportunities through the collaboration of government and private sector. The foreign investment would be mobilized in priority areas”, the annual policy and pogramme stated.

The annual policy and programme has been introduced with a plan to take some crucial action for reforms in tax system when the collection of public revenue was fairly low this time around.

“The revenue administration would be made further effective and efficient. Existing tax system would be reviewed. The tax net would be expanded. All kinds of economic activities would be would be integrated to formal system. Revenue leakage, low invoicing, hundi, investment in illegal transactions and national capital flight would be brought under control”, the policy and programme further emphasized.

The government policy and programme has also accorded priority to make annual budget spending system effective and well-managed. The government has put forth a plan to increase capital spending and reduce public expenditure.

“Allocation and implementation efficiency of public spending would be improved. Budget formulation to implementation process of all three tiers of the government would be reviewed”, President Paudel said.

“Allocation accountability would be strictly enforced; economic administration would be made transparent, result-oriented and information technology friendly”, the annual policy and programme noted.

Public procurement process would be made further transparent and well-managed through the Public Procurement Monitoring Office, the policy and programme stated, adding legal provisions of the Public Procurement Monitoring Act would be amended.

The e-procurement would be made mandatory as per the government plan. The government has laid focus on making fiscal federalism effective. Fiscal transfers would be made based on the need of the expenditure and revenue capacity and would be linked with performance.

The annual policy and programme has also touched upon the problems faced by banks and financial institutions of late. “Banks and financial institutions, cooperatives and stock market would be made further effective. Depositors of the banks and financial institutions would be protected. Investment of financial sector would be centralized in productive sector. Loan would be mobilized in further productive sector focusing on disadvantaged groups”, the annual programme added. “Effective monitoring and supervision would be placed to manage microfinance. Policy on national cooperative would be amended”.

The government has come up with a policy to bring institutional reforms for the development and reforms of stock market. “Investment from non-resident Nepali would be made open in stock market. Youths going abroad for employment would be encouraged to make investment in public debenture and initial primary offering of the private ventures”, the annual policy and programme stated. (RSS)

Govt to provide electricity of 50 units in summer and 30 unit in winter for free of cost

The government has launched a special scheme to promote electricity consumption.

Presenting the annual policies and programmes for the coming fiscal year at a joint meeting of both the houses of the federal parliament on Friday, President Ram Chandra Paudel announced that the household consuming as high as 50 units of electricity per month in summer would be provided the power free of cost while it is applicable up to 30 units of electricity in winter.

Currently, the household consuming 20 units of power is required to pay only Rs 30. The new scheme is brought to increase energy demand and domestic consumption.

Although Nepal has sufficient electricity in summer, it needs to import in winter.

The country has aimed at providing electricity to all Nepalis within two years. The power supply would be ensured free of cost to poor households and LP gas would be displaced gradually. The government also decided to promote use of electric stove.

Govt to adopt zero tolerance policy on corruption, implement it strictly

The government will adopt zero tolerance policy against corruption and implement it strictly.

President Ram Chandra Paudel said so while presenting the government’s policies and programmes in the joint meeting of the federal parliament – the House of Representative (HoR) and the National Assembly- today.

Those involved in black marketing and monopoly will also be discouraged.

Remaining work of the peace process will be concluded within next two years, said President Paudel while presenting the government policy and programme for upcoming fiscal year 2023/024.