Kathmandu: Prime Minister KP Sharma Oli has called for a significant transformation in Nepal's development approach, urging for a "paradigm shift" rather than just reforms. Speaking at the 59th Board meeting of the Investment Board of Nepal (IBN), PM Oli emphasized the need for innovative and effective action to overcome delays and bureaucratic hurdles.

Highlighting the limitations of merely amending outdated laws, the Prime Minister stressed that strengthening the Board with expert, youthful, and energetic resources is essential. He instructed officials to avoid unnecessary consultations and delays in processing development files, stating that the Board must prioritize the nation’s interests without yielding to undue pressure.

To ensure efficiency, PM Oli announced the introduction of a tracking system to monitor the progress of files, with the goal of resolving any issues within three days of submission.

The meeting provided theoretical approval for a new four-year strategic and business plan, proposed by the Board's Chief Executive Officer (CEO), Sushil Gyawali. It also approved the current fiscal year’s budget of Rs 188.3 million and set performance indicators for the CEO.

The IBN, led by PM Oli, is responsible for facilitating large-scale projects with investments over Rs 6 billion and hydropower projects generating more than 200 megawatts of power. This was the first board meeting since the reappointment of both PM Oli and CEO Gyawali.