Ministry of Finance (Nepal) explained

Agency Name:Ministry of Finance
Type:Ministry Of Nepal
Nativename:अर्थ मन्त्रालय
Seal:Emblem of Nepal.svg
Picture Caption:Office building at Singh durbar
Jurisdiction:Government of Nepal
Headquarters:Singha Durbar, Kathmandu
Minister1 Name:Bishnu Prasad Paudel
Minister1 Pfo:Finance minister
Chief1 Name:Madhu Kumar Marasini
Chief1 Position:Finance Secretary
Chief2 Name:Dr. Ram Prasad Ghimire
Chief2 Position:Secretary (Revenue)
Chief3 Name:Binod Prakash Singh
Chief3 Position:Financial Comptroller General

Ministry of Finance (Nepali: अर्थ मन्त्रालय) is the central authority of Government of Nepal charged with the responsibilities for maintaining both micro and macro economic stability in the country. The position of finance minister in Nepal is currently held by Barsaman Pun since 6 March 2024.[1]

History

The predecessor of the Ministry of Finance of Nepal, the Ministry of Economic and Planning was established in 1963. In 1968, this Ministry was dissolved and the Ministry of Finance as well as the National Planning Commission of Nepal were set up. Ever since, the Ministry was the highest financial authority of Nepal.[2]

Mandate

The mandate of the ministry includes the following: Formulation, implementation, monitoring and evaluation of economic and revenue policy, financial administration and control of plans and programs, Financial analysis, Currency, determination and implementation of monetary policy.Also it is responsible for the Central Bank of Nepal, Nepal Rastra Bank (Including Nepal Industrial Development Corporation) and co-ordination with the World Bank, the International Monetary Fund, the Asian Development Bank and other International Financial Institutions.

Structure and departments

The Ministry of Finance consists of the following five Departments:[3]

  1. Financial Comptroller General Office (website)
  2. Public Debt Management Office (website)
  3. Department of Customs (website)
  4. Inland Revenue Department (website)
  5. Public Finance Management Training Centre (website)

The Ministry is divided into several divisions:

Former and current Finance Ministers

See main article: articles and Minister of Finance (Nepal). This is a list of all former Finance Ministers since the Nepalese Constituent Assembly election in 2013:

Key
SNNameParty Assumed officeLeft office
1Ram Saran Mahat[4] 25 February 2014 12 October 2015
25 November 2015 1 August 2016
3Krishna Bahadur Mahara[5] 4 August 2016 31 May 2017
4Gyanendra Bahadur Karki[6] 7 June 2017 15 February 2018
516 March 2018[7] 4 September 2020[8]
614 October 2020[9] 13 July 2021
7CPN (Maoist)13 July 2021[10] 7 July 2022
8Nepali Congress7 July 2022[11] July 31, 2022
7CPN (Maoist)31 July 2022[12] 26 December 2022
9CPN UML26 December 2022[13] 27 February 2023
10Nepali Congress31 March 2023[14] 5 March 2024
11Barsaman PunNepal Communist Party6 March 2024

See also

External links

Notes and References

  1. Web site: Newly-appointed Finance Minister Mahat forms task force to manage the govt's cash flow . 2023-03-06 . Nepal Live Today . en.
  2. Web site: Introduction. Government of Nepal. 1 April 2018.
  3. Web site: Ministry Of Finance . 2024-03-12 . mof.gov.np.
  4. Web site: Meet the new cabinet of ministers. Nepali Times. 1 October 2017.
  5. Web site: Prime Minister Dahal expands Cabinet, adds three ministers. The Himalayan Times. 11 November 2017. 8 August 2016.
  6. Web site: Deuba sworn in as 40th PM, forms Cabinet by inducting 7 ministers. The Kathmandu Post. 20 October 2017.
  7. Web site: PM inducts 15 new ministers in his Cabinet . The Kathmandu Post. 1 April 2018.
  8. Web site: Yubaraj Khatiwada resigns as finance and communication minister. 4 September 2020. kathmandupost.com. English.
  9. Web site: मन्त्रिपरिषद पुनर्गठन : ईश्वर पोखरेलको मन्त्रालय खोसियो, विष्णु पौडेललाई अर्थ (सूचीसहित) . Nepali. Onlinekhabar . 14 October 2020.
  10. Web site: Newly-appointed PM Deuba, four ministers take oath of office and secrecy . english. myrepublica. . 13 July 2021.
  11. Web site: PM Sher Bahadur Deuba to look after Ministry of Finance . english. sharesansar. . 15 December 2016 . 16 July 2022.
  12. Web site: Sharma reappointed finance minister. english. Kathmandu Post . 31 July 2022.
  13. Web site: Pushpa Kamal Dahal cabinet gets almost full shape. Here's the list . english. onlinekhabar . 17 January 2023 . 17 January 2023.
  14. Web site: Prime Minister Dahal expands Cabinet . english. Kathmandu Post . 31 March 2023.