Kathmandu. Minister for Finance and Federal Affairs Rameshwor Prasad Khanal has unveiled the performance report on the eve of the completion of his term. Khanal, who assumed office at a difficult time of the Genji youth movement and political transition, presented a list of achievements, policy reforms and unfinished works in a short span of 6 months.
There has been some improvement in revenue collection and budget mobilization during Khanal’s tenure:
TAG_OPEN_span_29
Revenue growth: The revenue growth rate in August 2082 was negative by 6.38 percent while it has achieved a positive growth of 3.77 percent till March 17,
2082.
Budget Management: Rs 19.60 billion required for the election has been ensured within the ambit of the budget.
Economy: The economy grew by 3.02 percent in the first quarter.
The report states that the foreign currency reserves: The balance of payment situation and foreign exchange reserves have further strengthened.
Policy reform efforts and impact {
The Ministry has initiated a number of new initiatives to improve the system and maintain financial discipline:
Digital Governance: The Integrated Office Management System (GIOMS) has been fully implemented to make the decision making process of the ministry transparent, which has ensured that the decision making process is completed within 24 hours
Administrative Reforms: ‘Administrative federalism’ has been strengthened by providing taxpayer services from the Treasury and Account Comptroller Offices in all 77
districts.
Corruption Control and Austerity: Vehicles and security personnel used unauthorizedly by former office-bearers have been brought back, as well as efforts have been made to save government expenses by hiring private secretaries and advisers.
International credibility: It has been claimed that reforms have been initiated to remove Nepal from the ‘grey list’ and Nepal’s position has not been allowed to deteriorate in the sovereign credit rating for the second time.
The report shows that some important projects and legal processes are still incomplete:
Incomplete projects: The financial management of strategically important reservoir-based projects like Budhigandaki and Dudhkoshi is yet to be finalized.
Legal hurdles: The Nepal Rastra Bank Act Amendment Bill and Alternative Finance Bills are still under consideration in the Parliament or are awaiting a decision.
Financial Liabilities: Liabilities of more than Rs. 7 billion are yet to be paid in the form of health insurance and the system needs comprehensive reforms.
Corporation Reform: Management of sick public enterprises and appointment of vacant post of Deputy Governor of Nepal Rastra Bank has not been done.
Minister Khanal, through his report, expressed the belief that the information would be a guide for the new government. He cites holding peaceful elections during the transitional period and laying the foundation for fiscal discipline as the main achievements of his tenure.
