31st January 2025, Kathmandu
Prime Minister KP Sharma Oli recently addressed the House of Representatives, revealing the government’s introduction of various ordinances aimed at improving governance, fostering investment, and reforming the business environment.
KP Oli’s 29 Ordinances
These reforms were introduced during a period when the parliament was not in session, allowing the government to act quickly and efficiently.
29 Laws Amended for Economic Growth and Good Governance
In his address, Prime Minister Oli shared that the government amended 29 important laws through ordinances. These revisions include laws related to economic procedures, financial responsibility, privatization, and cooperatives. The aim is to improve the business climate, enhance governance, and support economic growth.
Faster Business Operations with Legal Reforms
One of the key reforms includes the introduction of a legal provision that mandates government officials to complete all tasks within seven days unless the law specifies otherwise. This change is designed to speed up administrative procedures and reduce delays in public services. Additionally, the ordinances allow Nepali companies to compete internationally by opening branches and subsidiaries abroad. These companies can now also bring their foreign earnings back to Nepal, improving the country’s financial environment.
Scrapping Outdated Laws and Strengthening Consumer Protection
The Prime Minister highlighted the government’s decision to eliminate outdated consumer protection laws. Now, the market forces will determine pricing, which will empower entrepreneurs to operate without unnecessary pressure. Despite these changes, the government emphasized that consumer protection will remain a priority, ensuring fair practices and competitive pricing.
Simplified Business Registration Process
To encourage entrepreneurship, the government has introduced reforms that streamline the business registration process. Under the new system, if a business application is not processed within 15 days, it will be automatically approved, allowing entrepreneurs to begin operations without waiting for bureaucratic approval. This reform is expected to simplify starting a business and reduce unnecessary red tape.
Cooperative Sector Reforms for the Protection of Savings
In response to recent reports of fraud in the cooperative sector, Prime Minister Oli mentioned amendments to cooperative laws. The government has established a National Cooperative Regulatory Authority to protect the savings and investments of the public. This regulatory body will ensure transparency and accountability within the cooperative sector, aiming to restore trust and protect the interests of savers.
A Commitment to Positive Change and Economic Growth
Prime Minister Oli concluded by reaffirming the government’s commitment to making meaningful changes for the betterment of the country. These reforms aim to enhance the overall business environment, boost investments, and create a transparent governance structure. With these ordinances, Nepal is expected to foster a more efficient, dynamic, and prosperous future.
For more: KP Oli’s 29 Ordinances