Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has completed one year in office. Reviewing the work done since he assumed office on Asad 11 last year, he described the past year as one of “achievement,” citing progress across economic, legal, social, cultural, educational, and health sectors.

Poudel emphasized that significant legal and policy reforms were initiated to build an investment-friendly environment. Several key laws have been amended or introduced, including the Financial Procedures and Fiscal Responsibility (First Amendment) Act, the Act to Amend Certain Nepal Acts Relating to Economic and Business Environment Reform and Investment Promotion, the Privatization (First Amendment) Act, the Customs Tariff Act, the Banking Offences and Punishment Act, and the Customs Act. In addition, various policy documents such as the Appropriation Act, the National Debt Collection Act, the Alternative Development Finance Mobilization Bill, and the Foreign Aid Mobilization Policy have been made public.

Despite these efforts, Poudel acknowledged ongoing challenges such as meeting revenue targets, increasing capital expenditure, and the urgent need to exit the FATF grey list. He noted the formation of a High-Level Economic Advisory Reform Commission and shared that its recommendations are being implemented to address these concerns.

On economic indicators, Poudel claimed that the government’s policies have increased the confidence of the private sector and addressed problems in sectors like construction. He pointed out that the economic growth rate is projected at 4.61 percent for the current fiscal year, up from 3.87 percent last year. The overall size of the economy has expanded to Rs. 61 trillion from Rs. 57 trillion, and revenue collection has reached Rs. 1,097 billion.

Remittance inflow has also seen a significant rise—up by 15.5 percent to Rs. 1,532 billion. The current account has shown a surplus of Rs. 3.7 trillion, with an improvement in the deficit by Rs. 491 billion. Foreign exchange reserves now stand at $18.65 billion, up from $14.72 billion the previous year. Commitments for foreign aid have also increased by Rs. 119 billion, totaling Rs. 219 billion this fiscal year. Inflation has remained low at 2.77 percent as of April, and the base interest rate of commercial banks has dropped from 8.17 percent to 6.09 percent.

The minister highlighted that Nepal's reserves are now strong enough to cover 17 months of goods imports and 14 months of goods and services imports. Additionally, he noted positive trends in 18 economic sectors including mining, transport, energy, trade, banking, real estate, health, education, agriculture, and IT.

Looking forward, Poudel expressed confidence that the 2082/83 fiscal budget will help make the economy more dynamic, improve production and productivity, generate employment, and attract both domestic and foreign investment. He stressed that the implementation of key programs in energy, labor, agriculture, education, and health would help meet the government’s 6 percent economic growth target.

On the issue of federalism, Poudel underlined that coordination among local, provincial, and federal governments is essential. He said that mutual cooperation has helped effectively fulfill constitutional responsibilities at all levels of governance.