Quality advisory!

That former finance secretaries in a rare meeting at Finance Ministry the other day are learnt to have advised the government to come forward with bold policies to tackle problems facing Nepali economy is by itself more than a headline-news. The pragmatic advisory they forwarded appears reasonable and responsive to the current development, employment and market situation. They have drawn the attention of government to drop those projects which do not produce tangible results in time and to focus more on schemes which are big and productive in nature. Reminding the government of the urgent need to concentrate on financial federalism, they pointed out how coordination among the financial, provincial and local governments could facilitate the process of mobilizing resources for tackling the difficulties countered in the process of development and production. Keeping all three tiers of government on same page is the need felt by development workers and administrators. That process is sure to lubricate the development process besides energizing the governing system. Former finance secretaries are learnt to have urged government to create economic atmosphere in which capital expenditure could be boosted effectively. Empowering the institutions and services related to insurance, cooperatives, stock market, corporations and other public organizations through appropriate measures was a significant part of their advice. Motivate the private sector by building trust and maintaining stability in economy, they urged the government. For this, they noted, insurance, cooperatives, stock market, bank rates and corporations and other institutions should be managed well and administered properly. Their advisory for stressing foreign investment more than loan and aid could be termed more pragmatic and result oriented. All former senior officials were one in voicing concern for climate financing and the need for formulating budget on the basis of facts and feasible only output-oriented provisions. Points like getting rid of sick industries, raising liquidity in market, restoring trust in healthy financial management by controlling money laundering and penalizing financial crimes were rightly presented by the seasoned financial hands. They appeared conscious of the need to continue social welfare schemes of all sorts. At the same time they appeared worried about availability of resources to carry the load. As a way out they counselled the government to bring all social welfare schemes under one umbrella and make long term appropriate provisions to make resources available for meeting the responsibility. The marginalized, deprived, the needy and the disadvantaged should not be forgotten in this regard.