26th January 2025, Kathmandu
In a recent meeting of the Financial Sector Coordination Committee, Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel directed attention to the need for institutional strengthening within the financial sector.
Nepal Financial Sector Reform
He urged the prioritization of existing challenges and suggested addressing these issues systematically to enhance the sector’s efficiency and performance.
Focus on Targeted Solutions for Effective Reform
Minister Poudel acknowledged that although the economy is showing signs of improvement, greater efforts are needed to amplify the impact of these reforms. He stressed that the programs of regulatory bodies must be prioritized, and their problems need to be solved one by one. According to him, clear prioritization of tasks would streamline the work process and yield better results.
Collaboration Among Key Stakeholders to Foster Progress
The meeting included representatives from important financial institutions, such as the National Planning Commission, Nepal Rastra Bank, the Department of Cooperatives, the Nepal Insurance Authority, the Nepal Securities Board, the Nepal Bankers Association, and the Office of the Company Registrar. Paudel emphasized that stronger coordination between these organizations is vital to the long-term growth of Nepal’s financial sector.
In-depth discussions on Economic and Financial Matters
A broad array of topics, including banking, liquidity, insurance, lending, cooperatives, and capital markets, was discussed during the meeting. Minister Poudel also noted that challenges in one area of the economy can often lead to consequences in others, underscoring the importance of increasing collaboration across various sectors to tackle the country’s financial issues.
Commitment to Ongoing Dialogue and Coordination
The Finance Minister assured participants that discussions on these issues would continue. He emphasized that enhanced coordination among different financial sectors will be crucial for addressing future challenges. Paudel concluded by highlighting that improved cooperation and communication are necessary to further develop Nepal’s financial system.
This meeting represents a crucial step in addressing the challenges facing Nepal’s financial sector, with a focus on creating a more stable and effective financial environment for future economic growth. The government remains committed to making the sector more resilient and prosperous.
For more: Nepal Financial Sector Reform
