Govt accords priority to transformative projects, economic recovery in its Policy and Programmes

 President unveils policies and programmes 

Kathmandu, May 19

The government has announced to formulate the sixteenth periodic plan (a five-year plan beginning from the next Fiscal Year 2024/25) with a long-term vision of socio-economic transformation following the framework of an egalitarian and socialism-oriented economy.

President Ramchandra Paudel Friday unveiled policies and the programmes of the government for the coming fiscal year 2023/24 in the joint session of the Federal Parliament on Friday.

Unveiling the policy document, the President said that the economy which had slowed down after the outbreak of COVID-19 pandemic, dengue and other reasons was getting back on track. “Positive results have started appearing in all sectors since the formation of the government. Economic indicators have turned positive,” he said.

President Paudel made it clear that strict control on revenue leakage and receiving remittance through formal channels was the policy of the government.

Stating that there was an increase in revenue collection, the President said there was a positive impact on foreign aid and investment too. "The amount of aid will be invested in national pride and high-priority projects," read the document.

 

Through the policy and programmes of the FY 2023/24, the government also pledged to restructure the National Planning Commission (NPC) and develop it as a central agency for policy, planning and monitoring.

"Fiscal federalism will be effectively implemented, and fiscal transfers will be made based on expenditure needs and revenue capacity. Such transfers will be linked to performance of the respective sub-national government," read the policy document.

It said that the limit of domestic loans and bases of royalty and conditional grants will be made more realistic. The planning and budget system will be strengthened and made result-oriented to ensure interrelationship and accountability among the policies, plans and programmes of the three levels of government.

Arrangements will be made to prevent liquidity crunch in the market and the availability of idle funds at the provincial and local levels, according to the policy and programmes.

The government has also announced to strengthen the national statistical system and institutions in order to support the formulation of evidence-based policies. While institutional duplication in policy research would be eliminated, studies and research would be made through the universities.

As President Poudel said, access to insurance will be expanded across the country and low-income groups and communities will be provided with the facility of micro insurance at the local level.

According to him, development projects will be completed within the stipulated time, cost and quality. Budget will be allocated only for projects that have completed all the stages of project preparation.

"Priority will be given to the implementation of national pride projects and transformative projects. Projects will be classified as per the project classification guidelines for all three levels of governments and budget will be arranged accordingly," read the document.

The government also said that the loans flowing to priority areas and underprivileged groups will be made productive, and effective regulation and supervision will be arranged to regulate microfinance. Necessary arrangements will be made for monitoring and regulation of cooperative organisations as well as their corporate governance, acquisition and merger, and utilisation and protection of savings and investment.

Similarly, the policy has also mentioned the issue of regional cooperation. It said that dialogue and cooperation would be pursued in cooperation with regional members. Nepali missions abroad will be reviewed and strengthened based on their workload as well as dimensions and scope of bilateral relations.

"All border-related issues will be resolved through diplomatic initiatives while safeguarding the freedom and sovereignty of the country," read the policy. 

Published in Friday Supplement of The Rising Nepal Daily on 20 May 2023.