Kathmandu, Nov. 12
Deputy Prime Minister and Finance
Minister Bishnu Prasad Paudel has directed agencies under the Ministry of
Finance (MoF) to address and strengthen weaker internal economic indicators,
building on the robust foundations of external and internal economic sectors.
Speaking at a ministry-level
Development Action Committee meeting at the MoF, DPM Paudel highlighted
positive aspects such as foreign exchange reserves, balance of payments,
remittances, high liquidity in the banking system, low interest rates,
controlled inflation and increased revenue compared to last year, and promising
economic growth prospects. However, he stressed the need to review and improve
areas like imports, exports, production, demand, capital expenditure, and
investment.
Vice-Chairperson of the National
Planning Commission, Prof. Dr. Shiva Raj Adhikari, emphasised the importance of
leveraging positive economic indicators as opportunities. According to him, merely
identifying problems is not enough, there is a need for understanding the
causes and finding solutions.
Governor of the Nepal Rastra Bank,
Maha Prasad Adhikari suggested that high bank liquidity and low interest rates
should be seen as opportunities to boost investment. He also said that creating
an environment conducive to more activity in both the public and private
sectors is crucial at this time.
Meanwhile, the Office of the Auditor General (OAG) has submitted the Integrated Internal Audit Report to the MoF on Tuesday. As per the Financial Procedures and Fiscal Responsibility Act 2019, Auditor General Binod Bahadur Singh presented the report to DPM Paudel at a programme organised at the Ministry.
According to the report, internal
audits for the fiscal year 2023/24 covered transactions worth Rs. 1.751
trillion, of which Rs. 14.974 billion is identified as arrears. It further
highlights discrepancies, including Rs. 42.8 million in revenue, Rs. 35.84
billion in operating funds, and Rs. 10.45 billion in overdue advances.
Published in The Rising Nepal daily on 13 November 2024.
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