Finance Minister asks to expedite reform programmes

Finance Minister Dr Ram Sharan Mahat today asked the government officials to expedite the economic reform programmes.
Directing department chiefs at the Finance Ministry today, he asked them to complete preparations for the introduction of new economic reforms related laws and regulations by mid-January. The laws have to be submitted to the cabinet by the end of January, he added.
Mahat has announced second generation reforms as soon as he became finance minister. He has also announced a gamut of economic reform programmes in the budget for the current fiscal year.
Apart from amendment of 16 Acts, he had announced one-and-a-half dozen new acts and regulations in the budget. The new acts to be prepared are Act on Contract Farming, Industrial Enterprise Act, Foreign Investment and Technology Transfer Act, Act on Bringing Uniformity in Real Estate Valuation, Warehouse Act and Electricity Regulation Commission Act.
Likewise, Nepal Rastra Bank Act, Bank and Financial Institution Act, Banking Offence Act, Insurance Act and Act Prohibiting Investment Abroad need amendment. Finance minister asked the department chiefs to prepare drafts and finalise on the bills by mid-January before sending them to the cabinet for approval. After the cabinet’s approval, the bills will be sent to Parliament for endorsement.
Similarly, the finance minister also asked the officials to budget implementation action plan to expedite the budget expenditure. The finance ministry will discuss the action plan with the line ministries for timely and quality budget expenditure.
Likewise, Mahat also asked officials to also arrange resource fund for government-planned Rs 500 million start-up fund that is aimed at helping small and medium level entrepreneurs facing a resource shortage.
The finance minister, on the occasion, also sought action plan for better management of public enterprises. “The public enterprises, which cannot perform effectively, should be leased out to private sector, privatised or liquidated,” Mahat said, emphasising the need to establish Tax Review Commission, revamp Youth Self Employment Fund and construct inland container depot at Chobhar in Kathmandu.