New legal framework for alternative development financing to be introduced

File photo of Finance Minister Bishnu Prasad Poudel

KATHMANDU, DECEMBER 29: Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has announced the government's plan to introduce a new legal framework for alternative development financing. To explore new and alternative fiscal resources, a new bill is currently under development.

During a meeting with Finance Ministry officials, Minister Poudel emphasized the challenges of meeting the nation's development aspirations and effectively managing its finances solely through traditional sources like revenue, foreign aid, and loans.

"We are drafting a bill for alternative development financing management and will soon initiate the legislative process," the Finance Minister stated.

He expressed confidence that this mechanism would significantly enhance the government's capacity to mobilize fiscal resources and make strategic investments.

He further highlighted the critical need for substantial investment in infrastructure, skilled human resource development, and soft power to drive economic prosperity.  

Minister Poudel stressed the importance of a collaborative approach, urging political parties, the private sector, and all stakeholders to embrace new avenues for development and economic growth.  

According to Finance Ministry Spokesperson Mahesh Bhattarai, this alternative development financing framework will facilitate prioritizing infrastructure development, attracting domestic and foreign investment in infrastructure, and optimizing the utilization of fiscal resources.