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The former finance secretaries have suggested to cut the budget peacefully in the projects that give returns. In the discussion held at the Ministry of Finance on Sunday about the reform of the economy, the former finance secretaries suggested to calmly use scissors on non-profitable projects, to focus on big projects and to make financial federalism effective.
Similarly, to make relevant ministries and departments accountable for capital expenditure, it has been suggested to increase coordination between union, state and local levels.
They were aware of the need to adopt frugality in current expenditure, to increase internal resources, to make spending effective in projects of national pride, and to minimize the informal economy. The former finance secretaries have emphasized on organizing insurance, cooperatives, capital markets and institutions.
They say that the Department of Asset Laundering and Investigation should be brought under the Ministry of Finance. The former secretaries also suggest that emphasis should be placed on investment rather than aid and loans in foreign aid, climate finance should be emphasized, and the budget should be brought in a manner that is factual and implementable.
To review and integrate social security, to remove sick industries based on studies, to consider when giving tax breaks, to mobilize revenue He also suggested to the Ministry of Finance to find more options in the sector, to increase the market, and to pay special attention to the areas where the state has long-term obligations.
Similarly, he emphasized on giving priority to alternative finance management, keeping the revenue target realistic rather than ambitious, increasing capital expenditure, harmonizing financial policy and monetary policy, making policy and budget based on facts, effective implementation of existing laws, maintaining policy stability, and focusing on the service sector. In the
program, former Chief Secretary and former Finance Secretary Dr. Bimal Koirala, Former Finance Secretaries Rameshwar Khanal, Bhanu Acharya, Krishnahari Baskota, Suman Sharma, Dr. Rajan Khanal, Shishir Dhungana, Madhu Marasini and former revenue secretaries Lalshankar Ghimire and Ramsharan Pudasaini participated.
Finance Secretary Ghanshyam Upadhyay and Revenue Secretary Dinesh Kumar Ghimir said that they will proceed by paying attention to the suggestions received from the former secretaries.
