Govt ready for policy reforms to manage remittances: DPM Paudel

KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that the government is ready for policy and legal reforms to manage remittances. Minister Paudel, while addressing the programme titled 'Remittance and Investment in Nepal' organised by Nepali Expatriate Forum America on Saturday night, said that the government is ready for the necessary support to bring in remittances through legal channels and create a favourable environment for investment in the productive sector. He said, "Since we have not been able to bring in a large part of remittances as much as generated through legal channels, the government is ready to move forward with policies, decisions and incentive programmes regarding this." Finance Minister Poudel opined that remittances could be invested in the productive sector, construction sector and others creating new employment opportunities. Minister Paudel said that the government has drawn attention to the citizenship concerns raised by non-resident Nepalis and said, "Arrangements made in the constitution for non-resident Nepalis to obtain citizenship with economic and social rights will be moved forward to complete it soon," and added more favourable conditions will be created to invest in Nepal. Informing that non-resident Nepalis have drawn attention to the issue of foreign investment and technology act treating non-resident Nepalis as foreign citizens, he expressed his commitment to addressing that issue. "Nepali expatriates and non-resident Nepalis have a great contribution to the economic development of Nepal," Minister Paudel asserted, "Not only from the point of view of remittances but also for foreign investment, I would like to expect that every expatriate and non-resident Nepali will play a role as ambassadors of Nepal's goodwill. Nepal is a safe place for investment. It is a rewarding place. There is a request to convey that message to investors all over the world." The participants of the programme said that remittances have made a significant contribution to the economy of Nepal and suggested that emphasis should be placed on agriculture, tourism, energy, infrastructure, human resources, industrialisation, service sector, social security to strengthen the economy of Nepal. READ ALSO:

• Nepal records Rs 480.5bn remittance inflows in first five months of FY 2022/23
• Remittance inflows to increase up to $8.5bn in Nepal in 2022: World Bank
• Nepal records Rs 281.05bn remittance inflows in first 3 months of FY 2022/23