Kathmandu: The Finance Ministry has outlined key accomplishments achieved in the first three months since the formation of the new government. The report highlights strides in economic reform, revenue mobilization, and the preparation of Nepal’s country credit rating.

According to Finance Ministry spokesperson Mahesh Bhattarai, while challenges remain, the economy has shown signs of improvement. Notable progress includes increased private sector confidence, a rise in capital expenditure, and growth in revenue collection, foreign exchange reserves, and remittances.

Capital expenditure surged by 65% compared to the same period last fiscal year, and revenue collection increased by 13%. The foreign exchange reserve reached a record Rs 2,152 billion, with remittances growing by 15%. Interest rates also dropped to 6.15%.

Other achievements include the formation of a high-level economic reform commission and the implementation of the Internal Revenue Mobilization Strategy. The Ministry has also been working with international experts on Nepal’s sovereign credit rating, with a report expected soon.

Further reforms include new regulations for customs and insurance, strengthened efforts to prevent revenue leakage, and the implementation of a central invoice monitoring system for major taxpayers. The Ministry's initiatives have been recognized by the World Bank, Asian Development Bank, and IMF, which have noted Nepal’s economic improvement since the new government's formation.

These measures, aimed at stabilizing and growing the economy, reflect the Ministry's focus on enhancing efficiency, transparency, and preparedness for future fiscal challenges.