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Kathmandu Sunday May 13, 2001 Baishakh 30, 2058.
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Poverty alleviation major
goal: FM
Post Report
KATHMANDU, May 12 - Minister of Finance Dr
Ram Sharan Mahat has said that alleviating poverty by maintaining sound macroeconomic
fundamentals has been the overarching goal of the government. He also reiterated the
commitment to continue the reform process to create sustaining and predictable macro
economic framework.
According to a press release reieved here,
addressing the Thirty-fourth Annual Meeting of Asian Development Bank in Hawaii, USA as
the Board of Governor, Minister Mahat informed the gathering that government is soon
coming with a new plan of action to support and enhance role of private sector in the
economy. Stressing upon the need to speed up the financial sector reform, he said that the
management of the two largest banks is soon going to be handed to private sector to
recuperate the financial health of the banks and said that regulatory role of Nepal Rastra
Bank would be strengthen.
He further said that government is determined
to implement the suggestions of the Public Expenditure Review Committee phase wise and
added that the recent merger of VAT department and Tax department is one of the crucial
steps taken in that direction.
Referring to the various common problems of
under developed countries Minister Mahat underlined that the main challenge of any under
developed economy is the sharp growth in public expenditure, security expenses and
debt-servicing obligations due to which these economies are facing serious fiscal
problems. "These emerging problems have severely constrained the government capacity
to provide greater resources for much needed infrastructure and social investment,"
Mahat said.
Expressing concern over slow down of American
and Japanese economies, Minister Mahat said long persisting of such situation for a long
time would deeply affect the regional economy since these markets are the biggest export
markets of the developing countries.
Dr Mahat, on the occasion also appreciated
ADB for preparing long-term Strategic Framework for carrying out its Poverty Reduction
Strategy in the next 15 years and expressed the hope that such steps would be helpful in
fighting against poverty in the region.
Minister Mahat today met with Tadao Chino, President of ADB
and discussed various matters of mutual interests and briefed him on various ongoing
economic programs in Nepal. During the discussion, Minister Mahat appreciated the role of
ADB in development activities and urged to concentrate on programs related with poverty
reduction. On the occasion, President Chino assured that the role of ADB will be always
co-operative and informed him that bank would expand cooperation in days to come.
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