Pokhara, 27 March| Newly appointed Finance Minister Swarnim Wagle has initiated a series of significant policy measures, including the decision to repeal 15 existing laws, among them provisions related to the Revenue Investigation Department, marking a strong start to his tenure under the leadership of Prime Minister Balen Shah. The announcement was made shortly after he assumed office, signaling a clear intent to pursue structural reforms and address longstanding inefficiencies within Nepal’s economic framework.
Alongside the decision to abolish outdated legal provisions, Minister Wagle also announced the formation of a task force to prepare a comprehensive economic white paper reflecting the country’s financial status up to mid-March. This document is expected to provide a transparent overview of Nepal’s economic condition, including fiscal challenges and opportunities, thereby guiding future policy decisions.
Speaking to the media, Wagle emphasized that the current economic system is burdened by outdated regulations and fragmented approaches that hinder growth. He stated that the government aims to move beyond piecemeal reforms and instead focus on systemic transformation. According to him, the task force will study recommendations from the High-Level Economic Reform Advisory Commission and work towards repealing or amending 15 laws that no longer align with present economic realities.
Wagle further noted that the reform agenda would align with the policy commitments outlined by the Rastriya Swatantra Party (RSP), which has advocated for improved governance, private sector protection, and investment-friendly policies. He highlighted that the upcoming budget would be designed as a “transformational budget,” focusing on revitalizing economic activities, encouraging private enterprise, and accelerating major development projects.
Addressing the current economic situation, Wagle acknowledged signs of slowdown but also pointed to certain positive indicators. He mentioned that while revenue collection remains challenging, an increase in bank deposits suggests improved liquidity within the financial system. However, he stressed that internal economic stagnation must be addressed through proactive policy interventions.
The Finance Minister also identified excessive regulation and bureaucratic complexity as key obstacles to economic dynamism. He assured that the government would work to simplify procedures and create an enabling environment for businesses. Efforts will also be made to facilitate the implementation of large-scale infrastructure projects, which are often delayed due to administrative hurdles.
Reiterating his commitment to reform, Wagle stated that the government has received a strong mandate from the public to deliver results. He called for patience from citizens, acknowledging that systemic reforms take time but assuring that sincere efforts are underway. “We must move toward solutions,” he said, emphasizing accountability and transparency in governance.
With further decisions expected from the Cabinet, Wagle’s initial actions are being closely observed as an indication of the government’s broader economic direction. Analysts suggest that these early reforms could lay the foundation for long-term structural improvements in Nepal’s economy if effectively implemented.
