‘Significant achievements made in SDGs’

By A Staff Reporter,Kathmandu, Dec.18: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that Nepal has made significant progress in the implementation of action plans prepared for achieving sustainable development goals (SDGs).

Addressing the opening ceremony of the high-level regional consultation on financing for development in the Asia and Pacific region held in Bangkok, the capital of Thailand, DPM Paudel said that despite limited resources, due to collective efforts, significant progress has been made in the implementation of the Addis Ababa Action Agenda for achieving sustainable development goals globally.

Expressing the opinion that the financial gap in underdeveloped and developing countries is an important issue for the continuation of development, he said that budget planning, efficiency in resource allocation, effective project implementation capacity development and sustainable expenditure management are growing challenges.

Most of the underdeveloped and developing countries are struggling to improve their revenue mobilisation capacity, he said and added that it is necessary to strengthen and make the capacity of tax administration effective by bringing new modalities of digital economic transactions under the scope of taxation. 

He has pointed out the need for effective implementation by formulating a clear internal revenue mobilisation strategy with specific goals.

DPM Paudel said that the economic and social uncertainty, geopolitical problems, increasing burden of public debt and economic inequality that have emerged globally should be solved through collective efforts.

He emphasised that the private sector investment in the economy should always be encouraged and said that due to lack of competent regulatory mechanism, effective public service delivery and favourable business environment, most of the underdeveloped countries have not been able to significantly expand flows of foreign investment.

Stating that public debt management is another important issue for less developed and developing countries, he expressed the opinion that public debt should be used only in productive and profitable sectors in the future.

Mentioning that the impact of climate change is more risky in countries with mountainous terrain like Nepal, he said that funds established for climate finance should be mobilized based on the analysis of risks.

In the meeting, Deputy Prime Minister Paudel presided over a high-level dialogue programme on the future of finance for development in Asia and the Pacific region. 

Ministers of various countries and governors of the central banks addressed the dialogue.