Swarnim Wagle

The Nepali government is finalizing the budget for fiscal year 2083/84, set to be presented by Jestha 15, with a strong emphasis on fostering a private sector-friendly investment environment and implementing economic reforms. Key policy priorities include reducing acquisition and tax-related hurdles, enhancing the one-door service system, and increasing investment in industrial infrastructure to lower costs. The Finance Minister has described the upcoming budget as the commencement of a new, transformative phase of economic reform.

Finance Minister Dr. Swarnim Wagle has stated that the upcoming fiscal year's budget will prioritize excluded regions such as Sudurpaschim and Karnali, aiming to expand the middle class by uplifting weaker segments of society. He emphasized the adoption of a 'mission mode' for development projects and assured that the budget's principles and priorities would reflect honest implementation efforts.

UK Minister for the Indo-Pacific and Equalities, Seema Malhotra, concluded a three-day visit to Nepal, pledging to expand cooperation in technical education and enhance educational quality. During high-level discussions, Malhotra emphasized investing in human capital by linking education to employment and economic growth, with Nepali officials requesting deeper foreign collaboration focused on inclusivity and research. The visit aimed to strengthen bilateral ties and explore long-term partnerships through Official Development Assistance.

The 22-megawatt Seti Khola Hydropower Project has commenced trial electricity production after completing construction and technical testing. Meanwhile, former Chief Minister Rajendra Prasad Pandey has voiced strong disagreement with Finance Minister Dr. Swarnim Wagle's views on the Budhi Gandaki Hydropower Project's cost and significance.

UK Minister for the Indo-Pacific and Equalities, Seema Malhotra, held discussions with Nepali government ministers, including Foreign Affairs Minister Shisir Khanal, Finance Minister Swarnim Wagle, and Education and Sports Minister Sasmit Pokarel. Their talks focused on shaping a modern partnership aligned with Nepal's new priorities and expanding cooperation in areas such as trade, investment, and digital technology.

Lumbini Province's government plans to prioritize production, employment, and infrastructure development in its upcoming budget for the fiscal year 2083/84. Minister for Economic Affairs Dhanendra Karki presented the budget's principles and priorities, emphasizing objective, feasible, and result-oriented outcomes despite resource limitations. The budget aims to boost the economy through increased production and productivity in key sectors and create employment opportunities via skill development and innovation programs.

Finance Minister Dr. Swarnim Wagle announced that the national health insurance program will be restructured in the upcoming fiscal year's budget due to financial unsustainability. Addressing the National Assembly's Development, Economic Affairs, and Good Governance Committee, he stated that claims have significantly exceeded allocations, leading to difficulties in payments and highlighting misuse within private hospitals. The proposed restructuring aims to ensure basic healthcare for the poor while introducing a contribution-based system for those who can afford it.

Finance Minister Dr. Swarnim Wagle met with eight former finance ministers to gather suggestions for the upcoming national budget, which is in its final preparation stages. The discussions focused on economic reforms, fiscal discipline, and improving living standards, with former ministers offering advice on revenue targets and spending. Dr. Wagle stated the government aims to build upon past successes and good practices.

Finance Minister Swarnim Wagle consulted nine former finance ministers in Kathmandu regarding the upcoming fiscal year's budget preparation. He stated that the budget aims to improve living standards based on good governance and incorporate their experience and recommendations.

The House of Representatives has passed the Alternative Development Finance Mobilization Bill, 2026, establishing a legal framework for an Alternative Development Finance Fund with an authorized capital of Rs 100 billion. The bill was passed despite obstruction from opposition parties during the session.