Finance Ministry’s second quarterly review shows average results

Kathmandu: The Finance Ministry has made average performance and achievement of the set goals until the second quarterly review period of the current fiscal year 2024/24.

The Ministry on Tuesday assessed the progress until March 13 of the current financial year. In the review meeting, Finance Minister Barshaman Pun shared that the public finance management was under pressure. He directed the bodies concerned to resolve the problems related to the capital expenditure not increasing and to the revenue collection, said the Finance Minister’s Secretariat.

According to Minister Pun, the revenue collection has not gone up as the capital expenditure has not increased. He also pointed out the need to enhance inter-ministry and inter-agency coordination as well as boost the morale of the private sector to make the economy vibrant. Minister Pun directed the regulatory bodies under the Ministry to carry out works with dedication so as to achieve the set annual target, reasoning that the performance of the regulatory bodies was poor.

Likewsie, it is said 140 out of the 175 milestones the Ministry determines the current fiscal year should have been completed by March 13. But only 34 of the milestones have been completed, work is in progress on 94 and 12 are yet to be started. The Ministry has completed the task of preparing the standard for the resource agreement and multi-year contracts, and the procedures for the automated return of tax of the diplomatic missions. A target was set for constituting a high-level committee for reforming the existing tax system within the current fiscal year alone. This committee has been formed and in the process of preparing its final report.

Similarly, bills have been registered in the parliament for amending the Customs Act, the Secured Transactions Act and the Banks and Financial Institutions Act. The Ministry has also achieved the target of making policy provisions related to foreign currency exchange and of giving special priority to the small farmers, small and medium enterprises and startup entrepreneurs.

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