A meeting of the High-level Financial Management Committee held on Tuesday at the Ministry of Finance (MoF) also decided to give the taskforce until mid-April to finalize the draft.
Quality development of financial sector has not been attained as expected due to rapid growth of this sector and the lack of government´s long-term plans for it. The strategy will work as a guiding tool for the government for at least one decade.
A steering committee chaired by the finance minister will oversee different technical committees and sub-committees to complete the task. The taskforce will give a final touch to the draft after incorporating inputs drawn from stakeholders from seminar, studies and interactions organized across the country.
The technical committee of the taskforce comprises of the Governor and a deputy governor of Nepal Rastra Bank (NRB), a joint secretary at the Ministry of Finance, chairman of Insurance Board, and chairman of Securities Board of Nepal as members and a director of NRB as the member secretary.
Speaking at the meeting, Finance Minister Shankar Prasad Koirala expressed hope that the strategy will be a milestone for the management of financial institutions, capital market and insurance sector.
The strategy is aimed at devising measures to lead the financial sector for next ten years. Stating that the strategy will be instrumental in formulating budget for financial sector development, Koirala urged the concerned officials to effectively implement the programs announced in the budget for this sector.
In the current budget, the government has incorporated different programs to support development of financial sector. The budget has envisaged maintaining financial stability and enhancing people´s access to financial services.
Similarly, the programs also are expected to support for rapid economic growth and overall development of capital market and financial sector by attaining quality development of financial sector.