There has been a delay in the formation of a high level commission to bring economic reforms. 

The commission, announced first during the budget speech for the current fiscal year on May 28, intended to guide the next phase of economic reforms.

The budget outlined ambitious goals, including a comprehensive economic overhaul, the creation of an integrated economic corridor, and the expansion of digital and green economies. 

However, progress has been slow, with the government just starting the discussions for the commission's formation.

Though current Finance Minister Bishnu Paudel has repeatedly assured that the commission will be established, a concrete decision on its formation has not been made so far.

"Except for a general concept, no progress has been made regarding the commission," said a senior official at the Ministry of Finance, requesting anonymity. "It may take a few more days to make a decision on the matter."

However, Mahesh Bhattarai, a joint secretary at the ministry, argued that discussions have advanced to incorporate experts from various fields within the commission.  

"The discussions have reached a stage where both representatives and experts from the private sector will be part of the high-level commission," Bhattarai told NBA. "It is likely that the mechanism will be established by the end of this month."

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been urging the government for a long time to establish a high-level commission involving the private sector to address ongoing economic issues. 

FNCCI, the country’s top private body, had welcomed the finance ministry’s move following the budget speech. But, FNCCI leadership has started to doubt if the government is serious about it.

"With the morale of everyone—from ordinary citizens to industrialists—declining amid the weakening economy, it's been recommended to establish a commission," said Hemraj Dhakal, Vice-President of the FNCCI, accusing the government of delaying the process.

Dhakal says if a commission is formed without involvement of the private sector, it will be ineffective. 

Former Finance Minister Pun, who had presented the budget in the Parliament on May 28, seconded Dhakal.

There was a plan to establish a high-level commission to identify potential areas for rapid economic growth and collect recommendations to advance the new phase of the economic reform program, Pun told NBA. “However, it is regrettable that the current government has not prioritised it.”

Pun claimed that the previous government was trying to boost the morale of the private sector and move the economy in a new direction.

"But, we were not allowed to do it,” he added.