FinMin prepares action plan for policy priorities, minimum programmes

KATHMANDU: The Ministry of Finance has prepared an action plan for the implementation of policy priorities and minimum programmes. According to the Ministry, the action plan mentions policies and programmes, milestones, resources, time limitations, monitoring and evaluation indicators and so on. The action plan talks about promoting effectiveness in revenue collection, further systematising revenue system, maintaining professional neutrality while changing the revenue rate and controlling the revenue leakage. It also incorporates topics such as formulation of fiscal and monetary policies, to take necessary decisions for expenditure cuts and granting agreements for organizations, and management surveys for the construction of buildings except the most essential one, to advance towards economic growth and economic stability. The document says that projects remaining incomplete and those in limbo will be identified and resources will be managed on a need basis for their operation if it is proposed by the bodies concerned.  It also presents the idea to launch ‘hedging service’ to manage ups and downs in foreign investment. It has provisions for necessary reforms in the ministry bodies being based on self-assessment reports and other reports relating to foreign exchange, revenue policies, government grants, non-amendment to bank loan policy, and elimination of investment for money-laundering and activities of terrorism. The action plan states to create a base for achieving five-digit economic growth in the next five years, coordinate among the three-tier governments — federal, provincial and local, review the customs rates, and proceed with reviving the closed government entities after a study. In addition to this, it talks about undertaking policy and structural reforms in the insurance sector, revising laws relating to securities and making the stock market more transparent and competitive. Moreover, it has the provisions of operating the commodity market and its infrastructure, assisting in the mobilisation of capital required for small and medium-scale companies and carrying out reforms in the financial sector. Under the action plan, the Finance Ministry will implement points relating to the ministry following the direction of Prime Minister Pushpa Kamal Dahal to government secretaries on January 3. The action plan has promised sufficient budget allocated for transformative and national pride projects, non-transfer of the budget for other projects and non-amendment of programmes. Inland Revenue Department and Department of Customs are also required to mobilise target revenue and carry out policy reforms accordingly. The action plan is required to resolve current problems in the country's economy by taking the private sector into confidence, implementing the aim to replace imports and promote exports, resolve problems in service delivery within the jurisdiction of the Finance Ministry through the ministerial level and address the issues at the policy level. The Finance Ministry's Joint Secretary and Spokesperson. Ananda Kafle said the action plans will be implemented while also reviewing their periodic progress. The high-level political mechanism on January 9 published the government's policy priorities and minimum programmes. By RSS READ ALSO:

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