By Karuna Thapa
Kathmandu, March 20
Finance Minister Janardan Sharma has instructed the subordinate organizations to concentrate on resolving economic challenges and increasing capital. Finance Minister Sharma delivered such orders during the second quarterly review program of the body under the Ministry of Finance.
The Ministry of Finance has announced that the second quarterly review of insurance
companies, Nepal Rastra Bank, and others have been completed. The review was conducted by the Office of the Comptroller and Auditor General, Customs Department, Inland Revenue Department, Debt Recovery Tribunal, Rastriya Banijya Bank, Nepal Bank, Krishi Bikash Bank, Securities Board, Nepal Stock Exchange, Provident Fund, Revenue Advisory Committee, MCC Project, Insurance Committee, Insurance Institute, and the Ministry of Finance.
According to the three authorities, the majority of the work has been accomplished in
accordance with the objective established for the second quarter of FY 078/79. Institutional
changes, technology utilization, technology upgrading, and other challenges, according to
Finance Minister Sharma, should be prioritized.
He said that the rules and regulations had imprisoned the government machinery, and he
demanded that the situation be rectified. ”It merely came to our attention at the time.” ”Amend the norms and regulations to make the nature of employment more favorable,” he added.
Due to increased prices in foreign markets and pressure on imports, he highlighted that certain economic indicators were improving, but not as predicted. ”In keeping with our objective, the growth in imports is steadily improving,” he stated.
He expressed concern about bank interest rates increasing. ‘Both the banking and business sectors are in the same place. The rise in loan rates is causing a backlash among entrepreneurs. ”NRB should be aware that we will continue to run in this manner in order to fix this,” he added.
On the occasion, Governor of Nepal Rastra Bank Maha Prasad Adhikari suggested that dollar remittances be made easier, that remittance agents study commission rates and take steps to bring remittances to Nepal quickly, and that various initiatives be taken to bring remittances from the banking system.
The Citizens’ Investment Fund, which has more than one trillion rupees in it, should be focused on capital generation, according to Finance Minister Sharma. He stated that after the issue of Nepse closure was brought to his attention a few days ago, he directed the Securities Board and Nepse officials to investigate the matter immediately and prevent a recurrence in the future. ”The closure of Nepse is a severe matter. ”Because this isn’t a common problem, let the current leadership deal with it,” he said.
Bishwa Poudel, Vice-Chairman of the Planning Commission, remarked that the pressure of
foreign exchange has intensified and that the focus should be on finding a solution.
He stated that if everyone works together properly, the existing economy can be improved and positive outcomes for the people may be obtained. According to Revenue Secretary Krishna Hari Puskar, the service should be offered in such a way that it leaves a positive impression on the public.
