Finance Ministry Aims to Achieve Double-Digit Growth within Next Five Years

  3 min 47 sec to read
Finance Ministry Aims to Achieve Double-Digit Growth within Next Five Years

January 30: The Ministry of Finance has prepared an action plan for implementation of the policy priorities and common minimum programme of the government.    

As per the action plan, the government aims to achieve double digit economic growth within the next five years.
According to the ministry, the action plan mentions about making revenue collection more effective, further systematising revenue system, maintaining professional neutrality while changing the revenue rate and controlling revenue leakage.    
It also incorporates topics such as formulation of fiscal and monetary policies as well as expenditure cuts to ensure economic growth and stability.  

Joint Secretary at the Finance Ministry Anand Kafle confirmed that the action plan has been prepared to implement the policy priorities and common minimum porgrammes of the government. He added that the government has set timelines to achieve the goals.

A meeting of the council of ministers on January 18 had instructed all the ministries to prepare an action plan to implement the policy priorities and minimum programmes.

In line with the cabinet directive, the action plan proposes identification  of projects that are incomplete and those in limbo to manage resources for them on needs basis. Moreover, it proposes the idea to launch ‘hedging service’ to manage ups and downs in foreign investment.    
It has provisions for necessary reforms in subordinate bodies of the ministry based on self-assessment reports and other reports related to foreign exchange, revenue policies, government grants, bank loan policy, and elimination of investment in money-laundering and terrorism activities.    
The action plan states that the government will create a base for achieving a double-digit economic growth in the next five years.

It also proposes coordination among the three tiers of governments, review of customs rates, and to proceed with reviving the problematic government institutions that are closed after a study. In addition to this, it talks about to undertake policy and structural reforms in the insurance sector, to revise laws relating to securities and to make the stock market more transparent and competitive.    
 The action plan has promised sufficient budget allocated for national pride projects, and non-transfer of the budget for other projects.    
The Inland Revenue Department and the Department of Customs are also required to mobilise resources as per the revenue target, and carry out policy reforms accordingly.    
The action plan requires government to resolve the current problems in the economy by taking the private sector into confidence, promote exports and import substitution, resolve problems in service delivery within the jurisdiction of the finance ministry through the ministerial level and address the issues at the policy level.      
A high-level political mechanism of the ruling alliance had published the government's policy priorities and minimum programmes on January 9.    


No comments yet. Be the first one to comment.