KATHMANDU:- Finance Minister Dr Swarnim Wagle has held a meeting with eight former Finance Ministers and received recommendations to be considered while formulating the upcoming national budget.

Sharing that preparation of the executive budget proposal for the upcoming fiscal year was in its final stage, Finance Minister Dr Wagle sought suggestions from former finance ministers and economists.

During the meeting, Minister Dr Wagle informed that preparations were underway to bring the budget aimed at enhancing the living standards of ordinary Nepali being emboldened to good governance.

Finance Minister Dr Wagle noted that all former finance ministers had led the Ministry of Finance in their time, for the benefit of the country and the people, and that the goals remain the same whether circumstances were favourable or not.

He further said past achievements and shortcomings would be reviewed and best practices would be continued. “We will advance by continuing the best practices you have done. We will walk along the path shown by our seniors. It is through this system and these political achievements that prosperity will be attained.”

Former finance ministers participating in the discussion suggested economic reforms and the proper collection of revenue for the upcoming budget. Former Secretary of Finance Rameshwar Khanal urged the implementation of the High-level Economic Reform Taskforce Report and suggested not to allocate the budget for unprepared and fragmented projects. He urged not to impose the value-added tax in the electricity sector.

Former Finance Minister Shankar Koirala recommended studying the previous economic reports for policymaking. He also suggested to open the electricity trade to the private sector, expand industrial areas, and advance the hedging policy.

Former Finance Minister Dr. Yubaraj Khatiwada suggested not to set overly ambitious revenue targets and stated that the revenue growth rate should be kept within the range of 10 to 12 percent. He asked the Finance Minister to pursue financial sector reforms and drive fiscal policy to boost the morale of the private sector.

Former Finance Minister Dr. Prakash Chandra Lohani emphasized on cooperation between the government and the private sector and that a policy to equally promote small, medium, and large industries was necessary. He highlighted the need of economic dialogue to explore the Indian market for agricultural products.

Former Finance Minister Surendra Pandey suggested reducing the number of large projects and focusing on limited national pride projects. He mentioned that land use laws need to be reformed and special plans should be introduced for the development of the tourism sector.

Former Finance Minister Dr. Prakash Sharan Mahat recommended to limit social security allowances to targeted groups and that government industries and assets could be operated under a ‘lease’ model. He suggested reducing foreign debt and preventing possible collusion in large contracts.

Former Finance Minister Barshaman Pun noted that the returns on past infrastructure construction have appeared weak and expressed the view that investment in tourism infrastructure should be increased. He suggested developing ‘hill stations’ and wedding destinations to attract the Indian middle class.

Former Finance Minister Bishnu Prasad Paudel emphasized that the budget should be prepared based on a realistic assessment of expenditures and noted that bold decisions were necessary regarding the use of mines and natural resources. He suggested that large projects like Budhigandaki should be brought into implementation.

Former Finance Minister Janardan Sharma interpreted the budget as a document for implementing political commitments and stated that government expenditure needs to be reduced. He suggested that investment should be increased in mining, the pharmaceutical industry, the chemical fertilizer industry, and the production of skilled manpower.

Most former finance ministers participating in the discussion shared the view that economic reforms should be accelerated, confidence in the private sector should be increased, spending should be controlled, and investment in production-oriented sectors should be increased.