Clear Direction Set for Economic Transformation: Finance Minister Wagle

Finance Minister Dr Swarnim Wagle has said that a clear direction has been set for economic transformation through the current fiscal year budget.

During a discussion with the chief executive officers (CEOs) of commercial banks at the Ministry in Singha Dabar on Tuesday, Minister Wagle called for suggestions as the government’s focus now is on the implementation of the budget.

He sought recommendations on the structural reforms that are needed for the banking system to increase credit flow to the manufacturing sector, and on what new approach should be adopted in monetary policy, regulation and supervision, and how to make coordination between the Ministry of Finance, Nepal Rastra Bank and the banking sector more effective, according to Minister Wagle’s personal secretariat.

“Our common goal is to revitalize Nepal’s economy, increase investment, expand production, create jobs, and restore confidence in the private sector,” Minister Wagle said. “Commercial banks are the most important agents of the economy. Entrepreneurs, farmers, industrialists, investors, and young people who want to start new businesses come here. Therefore, the real psychology of the economy, market confidence, investor thinking, and expectations for the future are most clearly felt here.”

Stating that the government is moving forward with the process of regulatory, legal, and institutional reforms, the Finance Minister stressed the need to be clear about why the excess liquidity in the banking system has not been converted into production and investment.

Minister Wagle said the relationship between the government and the banking sector should be a relationship of shared national responsibility, as economic growth, investment expansion, job creation and financial stability are our common objectives. (RSS)