The implementation action plan of the high-level economic reform suggestion commission formed under the leadership of former secretary Rameshwar Khanal has been approved by the Council of Ministers. The office of the Prime Minister and the Council of Ministers has issued a circular to the relevant agencies to implement the action plan.

According to the action plan, the age of getting old age allowance has been increased. An action plan has been prepared to increase the current age of 68 to 70 years. National identity card will be made mandatory to receive old age allowance. It is mentioned in the action plan that the Ministry of Home Affairs should complete its implementation within one year. Its monitoring and facilitation will be done by the Ministry of Finance.

Pointing out that the project should be carried out only on the basis of strategic expediency by prioritizing the road plans, new big road plans cannot be carried out in the hilly areas. Its implementation will be done by the Ministry of Physical Infrastructure and Transport within one year.

"Only for the projects that have been adequately prepared, the budget will be allocated and all the ministries that manage the project will have to do it," the action plan says, "It will have to be implemented continuously." Since employees cannot be transferred during the project period, all the ministries that will run the project will have to implement it.

"A policy of allocating sufficient budget to complete ongoing national pride and multi-year projects, completing incomplete projects and choosing new projects only if financial resources are available," the action plan states, "Its implementation should be done immediately by the finance and related ministries." It is mentioned in the action plan that private sector investment should be attracted in the multi-purpose project of irrigation and hydropower generation. It is mentioned in the action plan which work will be done by which ministry and within what time frame. In the action plan, while constructing new roads, it is emphasized on making concrete roads as much as possible.

It is stated in the action plan that urban development and housing development should be conducted in urban areas and land consolidation programs should be conducted in rural areas. In the action plan, policy arrangements should be made so that different electricity tariff rates are maintained during peak hours, off-peak hours, winter and rainy season. 

"For the next five years, at least 10 percent of the total capital budget should be allocated to the physical infrastructure of the information technology sector, workstations, information technology and parks," the action plan says, "It should be implemented for 5 years." The arrangement for the National Statistics Office to be under the National Planning Commission should be made within one year.

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The main suggestions of the economic reform implementation action plan

- Making the age of receiving old-age allowance from 68 to 70 years 

– reducing interest rate fluctuations

– developing the bond market within one year 

-Study and research on exchange rate options with Bharu

-Prepare integrated project bank information system for all three levels

-Do not operate new major road projects in hilly areas

-Allocate budget only for projects with sufficient preparation

-No transfer of employees throughout the project period

-Remove Lumbini and Pashupati Area Development Fund from national pride projects

-Abolish revenue research department

-Effective Not using the tax law as a

-Taking only 10 percent tax on export income

-Taking action against responsible officials and employees of public institutions that do not conduct audits on time

-Public institutions are not allowed to pay employee salaries or 

Not giving loans to pay other expenses

-Taking health tax on tobacco, cigarettes, and alcohol that are harmful to health and depositing them into the insurance fund

-Issuing infrastructure bonds for special projects with high returns and investing

-Arranging primary share issuance for hydropower companies only after production starts

-Do not allow the three levels of government to open new cooperatives, do not allow branches of existing cooperatives to open 

- Opening up foreign investment in agriculture

- Building concrete roads as much as possible when constructing new roads

- Placing the National Statistics Office under the National Planning Commission

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According to the decision of the Council of Ministers, under the coordination of Secretary of the Office of the Prime Minister and Council of Ministers (Government Affairs) Chudamani Paudel, Secretary of the Ministry of Finance (Revenue) Dinesh Kumar Ghimire and Secretary of the Ministry of Industry, Commerce and Supplies (Commerce and Supplies) Gobind Bahadur A committee was formed with Karki and Secretary (Industry) Krishna Bahadur Raut as members.

The said committee was given the task of making an action plan for the implementation of the recommendations given by the report of the High Level Economic Reforms Suggestion Commission, 2081, which was formed under the chairmanship of former secretary Rameshwar Khanal. The report covers a wide range of reforms in addition to primarily economic reforms. The sectoral recommendations of the report have been incorporated into the action plan.

It is mentioned in the action plan to reduce interest rate fluctuations by making liquidity management more effective towards monetary policy. The foreign exchange reserve will be maintained for a period of 5 to 7 months to cover the import of goods and services and the responsible body will be Nepal Rastra Bank. It is mentioned in the action plan that the bond market should be developed within one year to address the interest rate fluctuations in the economy. It is mentioned in the action plan that government expenditure reduction and indirect tax rates will be reduced within one year and this should be continued by the Ministry of Finance.

It is mentioned in the action plan that within one year, the National Bank should study and research the options of the exchange rate with the Indian rupee. It is said that the Office of the Comptroller of Finance and Accounts General should implement it within one year to bring the expenses of the state and local level into a single account system. "An integrated project bank information system for all three levels will be prepared and implemented and its implementation will have to be completed by the National Planning Commission within one year," the action plan says.

It is stated in the action plan that the revenue investigation department should be abolished and the customs duties of Nepal should be changed in time in view of the changes in the customs duties of India. "Tax laws should not be used in a negative way and only 10 percent income tax should be levied on export income," the action plan says, "Government-owned companies should be converted into public limited companies and shares sold to the private sector and its implementation should be done within one year." 

It is suggested to select long-term projects and issue development bonds when there is more liquidity in the banking system. It is stated in the action plan to take action against the responsible officers and employees of public institutions who do not audit the accounts on time.

It is mentioned in the action plan that the Ministry of Culture, Tourism and Civil Aviation should be managed in a professional manner within two years after restructuring the Nepal Airlines Corporation and bringing in external strategic partners. Likewise, the work of keeping the dairy development institute as a public institute of the state government in seven provinces should be completed within two years. The action plan says not to give loans to pay salaries or other expenses of employees in public institutions.

It has been suggested that health insurance taxes should be levied on tobacco, cigarettes, and alcohol, which are harmful to health, to pay the liability created so far and to address the increasing burden of health insurance. In medical education, it is mentioned in the action plan that 75 percent of the students in government colleges should be given full scholarship and 25 percent should be given full scholarship and another 25 percent should be given partial scholarship.

Institutional and personal household tax must be paid only at the local level within 6 months. Provision should be made for hydropower companies to issue primary shares only after starting production. "For the time being, all three levels of government should stop opening new cooperatives and branches of existing cooperatives," the action plan says.

Once the EIA is approved, it is mentioned in the action plan that the previous provision of using the necessary forest and area for the project should be removed only after the EIA is approved again.

Committee coordinator and secretary Paudel said that the important suggestions given by the high-level commission were separated into 30 different areas and an action plan was prepared.

"We have identified the recommendations to be implemented, who will implement them, who will monitor them, which agency will do the facilitation and how long they will be implemented," he said.