KATHMANDU – In his first week in office, Finance Minister Dr. Swarnim Wagle has demonstrated an aggressive and result-oriented working style.
Since assuming office last Friday, he has prioritized curbing revenue leakage, implementing policy reforms, and restoring confidence in the private sector to revive the sluggish economy.
On his very first day, Minister Wagle sent a strong message of support toward the private sector by making a bold decision to repeal 15 outdated laws. During a meeting with the Confederation of Nepalese Industries, he reassured stakeholders, stating, “We promote a liberal economy, but that does not mean a lack of discipline. Regulatory mechanisms will remain strong.”
In a separate meeting with officials from the Nepal Chamber of Commerce, he expressed his commitment to branding Nepal as “a country of hardworking people.”
The minister has also announced plans to immediately prepare an “Economic Status Report” through 2025 (BS 2082). Additionally, a 100-day action plan, along with semi-annual and annual work plans, will be developed to implement electoral commitments. The government is also set to move forward with implementing recommendations from the High-Level Economic Reform Advisory Commission 2024 (BS 2081).
Tightening Revenue Collection and Customs Monitoring
To address challenges in meeting revenue targets, Minister Wagle has taken a hands-on approach. He conducted surprise inspections at the Department of Customs and instructed officials to work with integrity.
He warned that those contributing to improved revenue collection would be rewarded, while dishonest practices would face strict punishment. Emphasizing that the Prime Minister’s Office is also closely monitoring revenue performance, he urged officials to work with high morale.
High-Level Coordination to Control Leakage
On Thursday, Minister Wagle chaired a high-level meeting with senior officials from the Home Administration and security agencies to strengthen efforts against revenue leakage.
The meeting, attended by Home Minister Sudan Gurung and chiefs of Nepal Police and Armed Police Force, agreed on an integrated action plan to control smuggling and illegal imports at border points.
Budget Drafting Committee Formed
The Ministry of Finance has formed a “Budget Drafting Committee” under the coordination of Joint Secretary Uttar Kumar Khatri to prepare the annual budget and program for the upcoming fiscal year 2083/84.
The committee is tasked with drafting the budget speech to be presented in the Federal Parliament, setting budget principles and priorities, and providing recommendations for the government’s annual policies and programs. It will also assist in prioritizing development projects and programs and prepare a comprehensive budget framework aligned with the country’s economic conditions and development goals.
Field Visit to Birgunj Customs Point
Continuing his active approach, Minister Wagle visited the country’s major trade hub, Birgunj, on Friday. During inspections of the Inland Revenue Office and Birgunj Customs Office, he instructed officials not to inconvenience service seekers or make them wait unnecessarily.
He also urged employees under pressure to exceed revenue targets to maintain professionalism and transparency in their work.
Positive Momentum, But Concerns Over Inflation
Minister Wagle’s first week has generated new enthusiasm within state mechanisms and optimism in the private sector. His early actions-focused on policy reforms, accountability, and creating a conducive environment for businesses of all sizes-signal the direction of upcoming budget and economic reforms.
However, he has yet to address rising inflation in the domestic market, largely driven by the ongoing conflict between Iran and Israel in West Asia. With shortages of cooking gas and rising prices of petrol, diesel, and aviation fuel burdening consumers, the government’s lack of immediate response has raised concerns about relief measures for the public.
