Kathmandu: The National Planning Commission (NPC) has approved the Approach Paper of the 16th Five-year Periodic Plan (2024/25- 2028/29) during a plenary meeting held at the official residence of the Prime Minister in Baluwatar. The NPC spokesperson, Suman Dahal, confirmed the endorsement of the Approach Paper.

Under the leadership of the Prime Minister, who also serves as the Chair of the NPC, the commission has been working on formulating the new periodic plan. The process commenced in June, following the Procedures on Institutional Provisions for Formulation of the 16th Plan, 2023, prepared by the NPC. The commission set a timeline to get the periodic plan approved by the Council of Ministers by February 12, 2024.

The formulation of the 16th Periodic Plan involves various committees, including a Steering Committee headed by the NPC Vice-chair and Sector Committees led by members. The Approach Paper was first approved by the Steering Committee with suggestions before being presented in the Commission's meeting. The NPC has also sought input from subject experts and collected suggestions on the Approach Paper.

Moving forward, the NPC will engage with all ministries for preliminary discussions and to gather required information from sectoral ministries for formulating the detailed plan alongside the approved Approach Paper. Suggestions from sectoral ministries are expected to be received by August 24, while preparations for the overall economic and investment outline will be completed by the end of August.

The commission aims to prepare and endorse the sector-wise integrated preliminary draft of the 16th Periodic Plan by the end of September. Input from provinces and local levels will be gathered in November to ensure inclusivity in the plan's formulation. A revised draft is anticipated to be prepared by the end of November.

In December, discussions will be held with various stakeholders, including federal parliament members, political parties' representatives, civil society, intellectuals, and ministers from sectoral ministries. The revised draft will be recommended for presentation in the National Development Council in January 2024. Subsequently, the final draft of the 16th Periodic Plan is scheduled to be prepared by February.

The NPC considers various factors, including Nepal's Constitution, National and Sectoral policies, the 15th Periodic Plan and its review, Sustainable Development Goals, and mid-term expenditure structures during the formulation of the 16th Periodic Plan. The plan will prioritize digital database and e-governance.

The NPC's Vice Chairperson is the coordinator of the steering committee, which includes members from various ministries and institutions. Additionally, five sectoral committees have been formed to work on the draft of the periodic plan, covering areas like macroeconomic blueprint, economic sector, infrastructure and environment sector, social sector, and institutional development, and good governance sector. A technical committee has also been formed to coordinate and facilitate with sectoral ministries and various sectors.

The 16th Periodic Plan is expected to be implemented from the next fiscal year, beginning on July 16, 2024.