Former finance and revenue secretaries have recommended that the government cut spending on non-performing projects and prioritize investment in large-scale, high-return ventures. During a discussion at the Finance Ministry on Sunday, they emphasized the need for fiscal discipline, increased capital expenditure, and better inter-governmental coordination.
The experts suggested that the government implement austerity measures, boost internal revenue generation, and ensure efficient allocation of funds to national pride projects. They also stressed the importance of curbing the informal economy and strengthening the systematic operation of insurance companies, cooperatives, the capital market, and state-owned enterprises.
Highlighting the need for a shift in approach, the former secretaries urged the government to prioritize foreign investment over foreign assistance and loans while giving due importance to climate financing. They called for an implementable budget for the upcoming fiscal year and recommended a comprehensive review of social security programs to run them in an integrated manner.
Additionally, they advised the government to explore new revenue sources, maintain liquidity in the market, and address areas that could lead to long-term liabilities. They also underscored the importance of creating a business-friendly environment to support private sector growth.
The discussion was attended by former chief secretary and finance secretary Bimal Koirala, along with former finance secretaries Rameshwor Khanal, Bhanu Acharya, Krishna Hari Baskota, Suman Sharma, Rajan Khanal, Shishir Khanal, Madhu Marasini, and former revenue secretaries Lal Shankar Ghimire and Ramsharan Pudasaini. -- RSS
you need to login before leave a comment
Write a Comment
Comments
No comments yet.