Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has disclosed that the government was preparing to introduce a legal mechanism for alternative development financing.
Minister Poudel informed that a new bill is being prepared to explore new and alternative fiscal resources.
During a discussion with the officials of the Finance Ministry, Minister Poudel argued that managing people’s aspirations for development and the nation’s fiscal management was challenging from the traditional financing sources based on revenue, foreign aid and loans.
“We are preparing a draft of the alternative development financing management and we will soon take it to the legislation process,” remarked the Finance Minister.
He was of the opinion that the alternative development financing mechanism would contribute significantly to managing more fiscal resources and making investments.
For economic prosperity, a huge investment was required not only in infrastructure but also in the areas of skilled human resource development and soft power, he pointed out. Likewise, he said that, the political parties, private sector and stakeholders should move in a new fashion for attaining development and economic prosperity.
According to the Spokesperson of Finance Ministry Mahesh Bhattarai, the alternative development financing would support to prioritize infrastructure sector, ensure domestic and foreign investment in infrastructure and make right use of fiscal equipment among others.
