Finance Minister Swarnim Wagle Urges Banks to Support Budget Implementation and Economic Transformation

Finance Minister Dr. Swarnim Wagle has said the government's budget for the fiscal year 2083/84 provides a clear roadmap for Nepal's economic transformation and stressed that the government's immediate priority is its effective implementation.

Speaking during a meeting with chief executive officers (CEOs) of commercial banks at the Ministry of Finance in Singha Durbar on Tuesday, the Finance Minister called on the banking sector to provide constructive suggestions and work closely with the government to translate the budget's objectives into tangible outcomes.

According to the minister's secretariat, Dr. Wagle sought recommendations on the structural reforms needed to increase bank lending to productive sectors of the economy. He also invited feedback on the future direction of monetary policy, banking regulation and supervision, and ways to strengthen coordination among the Ministry of Finance, Nepal Rastra Bank, and the banking industry.

"We share a common goal of revitalizing Nepal's economy through higher investment, expanded production, job creation, and restoring confidence in the private sector," Dr. Wagle said.

Describing commercial banks as the economy's most important financial intermediaries, he noted that they serve a broad spectrum of stakeholders, including depositors, entrepreneurs, farmers, industrialists, investors, and young people seeking to start businesses. As a result, banks are in the best position to understand market sentiment, investor confidence, and expectations for the future, he added.

The Finance Minister said the government is moving ahead with regulatory, legal, and institutional reforms, but emphasized the need to understand why the banking system's excess liquidity has not translated into higher investment and productive economic activity.

"We want to build an economy driven not by reactive measures but by confidence and optimism about the future," he said, urging the banking sector to view the dialogue as more than a routine consultation. Instead, he called for a collaborative effort to position Nepal's financial system as a leading partner in the country's economic transformation.

Dr. Wagle further stated that the relationship between the government and the banking sector extends beyond that of a regulator and regulated institutions, describing it as a shared national responsibility. He said both sides must work together to accelerate economic growth, expand investment, create employment opportunities, and maintain financial stability.

Concluding his remarks, the Finance Minister underscored the importance of building mutual trust to boost investment, increase production, and guide Nepal toward a new phase of higher economic growth and productivity.