FM Mahat points out challenges to SDGs achievement

Finance Minister Dr Prakash Sharan Mahat on Friday pointed out challenges of achieving the sustainable development goals (SDGs) such as infrastructure gap, inadequate financial investments, climate change impacts and absence of inclusive, broad and sustainable economic growth.

There is urgency of coordinating and discussing on how the investment flow could be increased in the country, he said while addressing the International Conference on Financing for Nepal organised by the Investment Board Nepal in collaboration with the Standard Chartered Bank Nepal, and the Society of Economic Journalists of Nepal.

“We have drawn remittances worth Rs 80 billion on a monthly basis. We have 10.9 billion USD as foreign exchange reserves. We can import commodities and services for over nine months a year,” he said.

Nepal is a member of the World Trade Organisation, and has adopted liberal economic policies for three decades, he said. “Our currency is pegged with Indian currency. But, the market determines exchange rates of remaining changeable currencies. Nepal is managing its comprehensive economy focusing on its stability and flexibility,” he said.

Our major concern now is on whether or not we have been able to disseminate Nepal’s positive comprehensive economic situation to the world community, he said.

“Our efficiency of paying loans has been positive since history. There is a need to expose this to the international financial market,” he said.

Stressing the need for working to keep loan and gross domestic product ratio sustainable, the Minister said Nepal is not in any situation of tension due to external debt obligations. “Nepal’s another positive aspect is our young population with high potential demographic dividend and digital transformation we have got following COVID-19. The median age in Nepal is below 26 years. The country’s demographic dividend will remain until 2050 as per National Planning Commission projection. We will still have a substantial number of youths, which will help with the country’s economic activities in the days to come,” he hoped.