FM Wagle urges timely resolution of budget policy complexities

By A Staff Reporter, Kathmandu, July 25: Finance Minister Dr. Swarnim Wagle has called for resolving the policy and legal complexities surrounding the economic reform measures announced in the budget in "mission mode" to ensure their timely implementation.

He made this remark during a discussion at the ministry on Thursday regarding reform plans for the Ministry of Industry, Commerce and Supplies to implement the budget for the fiscal year 20262/27.

The meeting, attended by Minister for Industry, Commerce and Supplies Gauri Kumari Yadav, focused on the policy and legal reforms required in the industrial, trade and supply management sectors, according to a press statement issued by Finance Minister Wagle's Secretariat.

Minister Wagle emphasised that each ministry should prepare a clear work schedule and proceed with the assigned reform agenda.

Noting that a significant number of the economic reform programmes announced in the budget fall under the Ministry of Industry, he said that stronger coordination between the two ministries was essential to remove existing bottlenecks.

"The Ministry of Industry should move ahead promptly with the policy and legal reforms announced in the budget," he said. "Let us know what support is required from experts, resources or the Ministry of Finance."

Speaking at the discussion, Minister Yadav said the ministry had already begun preparatory work to implement the reform agenda outlined in the budget. 

She added that close coordination with the Ministry of Finance, including technical assistance where necessary, would be important for reforms falling under the ministry's jurisdiction.

"The budget includes eight reform programmes under the Ministry of Industry," she said. "We have already started work on some of them, while others are in the implementation pipeline."

The budget for the current fiscal year announced eight legal and policy reform initiatives under the Ministry of Industry, Commerce and Supplies. 

These include amendments to the Companies Act and the Insolvency Act, as well as drafting new legislation on debt recovery and intellectual property protection.

With the new fiscal year's budget now in effect, the Ministry of Finance has introduced a regular monitoring mechanism under which it will hold periodic discussions with the responsible ministries and review progress on the implementation of the programmes announced in the budget.