The High Level Economic Reform Suggestion Commission formed under the coordination of former Finance Secretary Rameshwar Khanal has concluded that demand-side policies alone are not enough to solve the immediate problems of the economy.

The commission's suggestion is that policy intervention is needed to improve the demand side immediately. The commission suggests that in order to achieve respectable economic growth, it is necessary to make it competitive by reducing production costs and creating an investment environment by structural reforms from the supply side.

According to the mandate given by the government to the Commission, the work of the study started from the second week of November 2081 and the report was submitted to Deputy Prime Minister and Finance Minister Bishnu Paudel on Friday. Earlier, the commission had given an interim report to the government on 24 January 2081, including the issues that needed to be done immediately.

"In the interaction with private sector associations, businessmen of all geographical areas, provincial and local government representatives and experts, the issue of the current character of the economy was the decrease in consumption growth rate and decrease in investment," the report of the commission said, "Decreased credit growth, decrease in real estate transactions, savings of millions of people in the cooperative financial system, non-payment of certain payments due by the government and problems in recovery of commercial loans and the construction sector is becoming a crisis." It seems that there has been a decline in consumption and investment.'

It is suggested to immediately end the existing economic relaxation and provide dynamism to the economy, create economic opportunities, build a trust-based system, make sustainable and best use of the available natural resources, build a borderless economy and increase the economic growth rate while maintaining macroeconomic stability. In recognition of creating

opportunities and giving freedom to conduct economic activities, the commission has proposed to repeal more than a dozen laws, to amend more than a dozen laws and to issue some new laws.

Since regional economic policies cannot work without improving the institutional capacity and credibility of public bodies, the Commission has suggested the government to improve it.

The commission has presented suggestions for improvement in the areas of economic growth in the fields of agriculture, forestry, land, mining, water resources, tourism and information technology to reduce obstacles and expand opportunities in those areas. In order to create opportunities in the areas of economic growth, physical infrastructure development, urban development, energy security, education and efficiency development, health and research and development are necessary, so the commission has also done the job of identifying the policy and program interventions that should be done in these matters.