Finance minister for early submission of key economic bills in parliament

KATHMANDU, Aug 24:

Ministry of Finance (MoF) on Sunday held a meeting with secretaries of development-related ministries and urged them to forward key economic bills to the parliament for approval at the earliest.

In the budget speech for fiscal year 2014/15, Finance Minister Ram Sharan Mahat had expressed commitment to reform over three dozen laws for effective implementation of budgetary programs as well as attracting fresh investment.

“We should implement reform programs announced through the budget,” Mahat said in meeting, adding that it would be difficult to attract investment without bringing about necessary reforms in legal fronts.

Mahat also said the finance ministry will release budget for new programs within a week.

The finance minister also advised the secretaries to buck the trend of spending large chunk of capital budget at year´s end. “Spending budget alone is not a big deal. But only the effective spending will bring the desired results,” Mahat said.

Mahat directed secretaries of Ministry of Energy, Ministry of Physical Infrastructure and Transport, Ministry of Urban Development, and Ministry of Irrigation, among others, to select development projects which can be implemented at the earliest so that it can make multiplier effect.

The government has set a target of achieving 6 percent economic growth in the current fiscal year. To achieve the target, the government and the private sector should be action-oriented, according to Mahat. “The government should move forward without losing momentum to attain high growth,” he said, expressing commitment that the Ministry of Finance, Nepal Rastra Bank and the National Planning Commission (NPC) are always ready to facilitate development works.

Likewise, Mahat directed the high-ranking government officials for early implementation of Budhiganga Hydropower Project as well as road projects in each election constituencies.

According to Govinda Raj Pokharel, vice chairman of NPC, only 47 out of 339 big projects have been submitted to NPC for final approval.

Source: Republica