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By Our Reporter

The Finance Ministry recently held discussions with the former finance and revenue secretaries to seek suggestions on the country’s economic progress.    

At a programme held at the Finance Ministry, the former secretaries suggested that the government should cut the budget from non-performing projects and focus on mega projects.    

They suggested ensuring effectiveness in fiscal federalism, holding ministries and department accountable to increase capital expenditure and deepening inter-governmental relations between the three levels of government.    

They urged the government to apply austerity measures, increase internal sources of revenue generation, effectively spend the budget on national pride projects and reduce the informal economy.    

Similarly, the other suggestions include systematic operation of insurance companies, cooperative organisations, capital markets and state-owned enterprises.    

They stated that foreign investment should be prioritised over foreign assistance and loans. They also suggested prioritising climate financing.    

They said that the budget for the upcoming fiscal year should be implementable.    

Likewise, the former secretaries said that social security should be reviewed and be run in an integrated approach, explore more areas of revenue mobilisation, ensure liquidity in the market and pay attention to the areas that create long-term liabilities to the state.    

Former chief secretary and finance secretary Bimal Koirala, former finance secretary Rameshwor Khanal, Bhanu Acharya, Krishna Hari Baskota, Suman Sharma, Rajan Khanal, Shishir Khanal, Madhu Marasini and former revenue secretaries Lal Shankar Ghimire and Ram Sharan Pudasaini were present at the event.