Kathmandu, June 5
Minister for Finance Dr. Yuba Raj Khatiwada said
on Wednesday that he increased the budget in health, education and water by 21-23
per cent as they were critical to overall development of human capital.
“A
country is comprised of the collective strength of its people. When they are highly
educated, healthy, skilled and motivated, a thriving workforce can drive the
country’s growth and development,"
he said at the inaugural programme of the Bhutan-Nepal Human Capital Forum.
The
government has accordingly prioritised education, health and drinking water in
budget allocation for the next fiscal year. We will continue to work with all
stakeholders to invest in people and ensure the creation and empowerment of a
globally competitive population for the 21st century, he added.
According
to him, Nepal has increased the investment in water and health in order to
reduce the incidence of being sick. "If we can reduce the incidence of being
sick, we can increase the school attendance and productivity," said Dr.
Khatiwada while delivering his keynote speech at the bi-national forum
organised by the World Bank Group.
He
said that human capital was a long-term perspective and a critical instrument
for sustainable development as well.
He
sought suggestions from the WB in making the social security programmes in
Nepal sustainable. "We are looking for a strategy to develop contributory
social security system where those who have will contribute," he said.
He
urged the experts to discuss the role of households in education and health
since they were spending a large amount of money for these two facilities.
Nepal scored 0.49 out of the maximum possible
score of one in the Human Capital Index released by the World Bank in October
2018. This means that a child born today in Nepal will be only 49 per cent as
productive when he or she grows up, as he or she could be if he or she enjoyed
complete education and full health.
Although
Nepal secured the second spot among its South Asian peers and did better than
average for its region, more than half the potential is yet to be realised. It still needs to invest effectively and efficiently
on access to quality health services, nutrition, education, employment skills
and others to realise its potential, said the WB.
Bhutan's
Finance Secretary and delegation leader Dasho Nim Dorji said that Bhutan had
given priority to the reduction of inequity across regions and districts in
both human capital outcomes and access and quality of services.
“As
one of the early adopters of the World Bank’s Human Capital Project, Bhutan
remains committed to improving the level and quality of investment in our
people,” he said.
Participants
of the two-day event have highlighted the need to urgently invest in the early
years of childhood to drive growth and development in the productive years.
“Investing
in the early years is one of the smartest investments a country can make to
break the cycle of poverty, address inequality, and boost productivity later in
life. There is an urgent need to allocate resources for the physical,
cognitive, and emotional development of children to ensure future productivity
of individuals and increase economic competitiveness of the nations,” said
Country Manager for WB Nepal Faris Hadad-Zervos.
The
WB's Human Capital Project is an ambitious effort to accelerate more and better
investments in people, to create a world in which all children arrive in school
well-nourished and ready to learn; can expect to attain real learning in the
classroom; and are able to enter the job market as healthy, skilled and
productive adults.
Published in The Rising Nepal daily on 6 June 2019. 
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