Govt shall work with private sector to boost national economy: Minister Wagle

By A Staff Reporter,Kathmandu, Mar. 31: Finance Minister Dr. Swarnim Wagle has said that the private sector will no longer need to pay bribes, wait in long lines, or face unnecessary detention.

During a meeting with representatives of the Federation of Nepalese Chambers of Commerce and Industry on Monday, he expressed the government’s commitment to working in partnership with the private sector to drive the national economy in a new direction.

A delegation led by FNCCI President Chandra Prasad Dhakal met with Finance Minister Dr. Wagle at the Ministry of Finance to discuss current economic issues.

Encouraging the private sector to expand investment and employment, Dr. Wagle said, “Increase investment, create jobs, and let’s build the nation.”

Finance Minister Dr. Wagle made it clear that he will take a strict stance against corruption, stating, “I have not come to take bribes, nor will I allow anyone else to do so. I have come to steer the ship of the economy and take the country forward with new momentum.”

According to him, the private sector will no longer have to face unnecessary hassles in conducting business. “Now there will be no need to pay bribes, no need to stand in lines, and businesspeople will not have to face detention,” he said.

He also mentioned that policy changes will be introduced regarding financial irregularities, emphasising a shift toward financial penalties rather than imprisonment for economic offenses.

“In cases of financial misconduct, we will now focus on penalties; industrialists and businesspeople will not need to be jailed,” he clarified.

However, he noted that while the government will act as a partner and facilitator, the private sector is also expected to maintain integrity.

“When the state becomes a friend and partner, we trust that the private sector will not engage in dishonesty,” he said. “If anyone deliberately engages in misconduct, we will take strict action.”

The FNCCI team welcomed the government’s decision to accept and implement the recommendations presented by the High-Level Economic Reform Advisory Commission, formed for the second phase of economic reforms at the Federation’s request, to improve policy. 

The team emphasised that policy stability, structural reforms, and collaboration with the private sector are necessary to make the economy more dynamic.On this occasion, FNCCI President Dhakal said that the Federation appreciated the government’s initial efforts to address many demands of the private sector through reforms. 

He mentioned that the private sector expects policy decisions that create an investment-friendly environment, improve the tax system, and boost private sector morale.

He further emphasised that the policies, programmes, and budget of the upcoming year should be private-sector-friendly, and that mobilising both domestic and external capital is essential for the country’s economic growth and prosperity. 

He shared that to promote domestic capital mobilization, a Nepal Development Company with a capital of Rs. 1 billion has been established under the Federation’s leadership.

He also suggested that the government should take initiative to extend the deadline for LDC graduation, given that the country is still in transition and neighbouring Bangladesh has also taken the initiative to postpone the deadline of upgrading.

Finance Minister Dr. Wagle said that he has received the private sector’s suggestions positively and expressed the government’s commitment to structural reforms, policy clarity, and effective implementation to improve the economy. 

He said that, based on the recommendations of the High-Level Commission, he decided to initiate the process of repealing 15 different laws right after assuming office, and that the 100-day programme has been designed to make good governance and citizen services simpler and more efficient.

He also said that he is positive about advocating for an extension of the Least Developed Country graduation timeline, but emphasised that internal preparations for graduation should still be undertaken during this period.