Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has stated that the lack of clear jurisdiction among the three levels of government and the absence of project classification are obstructing the effective implementation of development projects.

Speaking at a meeting of the Finance Committee of the House of Representatives on Wednesday, Paudel emphasized the need for clear criteria to classify projects and specify which level of government should implement them.

While noting some improvement in the economy, the finance minister remarked, “We are gradually addressing the challenges and pressures in the economy. Foreign exchange reserves are stable, liquidity is adequate, interest rates are lower, and inflation is within desired limits. However, this progress remains insufficient and requires further enhancement.”

He also highlighted the Finance Ministry’s ambitious goal to increase revenue collection by approximately 30% compared to the previous fiscal year to meet the current year’s revenue target.

Paudel expressed optimism that Nepal’s first sovereign credit rating, which yielded satisfactory results, would help attract investment. He clarified that the government borrows based on assessed needs and its financial capacity. -- RSS