Financial Sector Development Strategy committee formed
High Level Financial Management Committee has formed a team to prepare a Financial Sector Development Strategy.
The meeting of the committee today has asked the newly formed team to submit the report within four months. The meeting chaired by the finance minister also formed various technical committees that will held interaction, workshops, seminars and study before preparing the strategy.
The technical team has central bank governor as chair and joint secretary at the Finance Ministry, Insurance Board (IB) and Securities Board of Nepal (Sebon) chairmen as members, while central bank director will be member secretary.
"The new strategy will be a milestone for the financial sector, capital market and insurance market," said chair of the High Level Financial Management Committee finance minister Shankar Prasad Koirala.
"It will help stabilise the financial sector for another one decade," he said, adding that the historic strategy will also help next fiscal year's budget preparation.
The budget for the current fiscal year 2013-14 has announced to form a team to prepare the strategy. "The government will prepare a Financial Sector Development Strategy to maintain financial stability, increase financial access, and help facilitate qualitative growth and expansion of capital market, insurance market, and financial sector for the economic growth," the budget had announced.