Lack of project classification barriers to project implementation: Finance Minister Paudel

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KATHMANDU, DECEMBER 11: Deputy Prime Minister and Minister of Finance, Bishnu Prasad Paudel, has highlighted the challenges posed by unclear jurisdiction among the three levels of government and the lack of project classification, which are hindering the effective implementation of development projects.

Speaking at today's meeting of the Finance Committee, he emphasized the need for clear criteria to classify projects and to define which level of government is responsible for their execution.

While acknowledging some progress in the state of the economy, Minister Paudel described it as insufficient. He stated, "We are gradually addressing the economic challenges and pressures. Foreign exchange reserves are robust, liquidity is adequate, interest rates are lower, and inflation is within desired limits. However, we are not yet satisfied with this progress and recognize the need for further improvement."

The Finance Minister also noted the government’s ambitious plan to increase revenue by approximately 30% compared to the previous fiscal year, aiming to meet the targets set in the current budget.

Additionally, Minister Paudel expressed optimism about Nepal's economic prospects, citing the country’s first-ever sovereign credit evaluation, which yielded satisfactory results. He highlighted that this milestone could attract more investment over time. He also clarified that the government takes public credit only based on its needs and financial capacity.