Publication: Managing Public Finances for a New Nepal : A Public Finance Management Review
Date
2007-07-05
ISSN
Published
2007-07-05
Author(s)
World Bank
Abstract
The people's movement of April
2006, known as Jana Andolan II, has created a sense that a
new Nepal that is peaceful, inclusive, just, and prosperous
is at hand. Such open moments are rare in the history of a
country, and the opportunity must be seized. However, the
road ahead is challenging. Despite remarkable achievements
in reducing poverty over the last decade and despite a good
growth potential, Nepal faces major investment climate
constraints notably weak infrastructure, weak governance,
weak trade facilitation, and rigid labor laws. Recent
economic growth has stagnated around 1 percent per capita,
despite growth in neighboring China and India. Investment
has been sluggish despite large liquidity excess, notably
from the income remitted by Nepali workers abroad. This
Public Finance Management (PFM) review outlines the key
objectives of the government's development strategy and
explores the potential contribution of sound public finance
management to this agenda.This review has been conducted by
the government of Nepal (GoN) and the World Bank, working in
partnership under the guidance of the government's
National Planning Commission (NPC) and Ministry of Finance
(MoF). The scope of the review was finalized in December
2005. Workshops were held in March 2006 to outline
frameworks for assessing PFM and procurement performance,
and working group meetings were subsequently held. Support
was provided in early 2006 for the preparation of sectoral
business plans and subsequently for the preparation of the
budget. Dialogue with the MoF and the NPC underpins the
expenditure data and analysis.
Citation
“World Bank. 2007. Managing Public Finances for a New Nepal : A Public Finance Management Review. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/511c377c-d6e5-5995-a702-502ffb438f76 License: CC BY 3.0 IGO.”