Kathmandu. Acting Prime Minister and Finance Minister Dr. Swarnim Wagle has said that special attention will be paid to risk management by promoting the Citizen Investment Fund as an important tool for mobilizing internal savings. <\/p>\n
Responding to the queries raised during the discussion on the Citizens Investment Trust (Third Amendment) Bill, 2083 in the meeting of the House of Representatives on Wednesday, Minister Wagle said that the fund should be careful while investing in the fund as the savings of the general public are linked to it. <\/p>\n
He said, “In the theoretical discussion on the Bill 2083 designed to amend the Citizen Investment Trust 2047, the honorable members have put forward relevant suggestions, suggestions, concerns and concerns. It is because this organization is really connected to the lives of many citizens and Nepali citizens, I would also like to thank you for the positive views you have expressed about the things it is trying to do.” \u2019<\/p>\n
Finance Minister Wagle said that Nepal’s national savings alone cannot sustain the expected amount of investment. He said that investment should be mobilized from internal and external sources and the Citizen Investment Trust should be taken as one of the bases for internal savings mobilization. <\/p>\n
He said, “Basically, in principle, we should invest for economic growth and job creation. Investment basically comes from two sources, one internal source and the other external source. When investment is not available within our country, we have to invest in the savings of other countries. \u2019<\/p>\n
According to him, around Rs 1,250 billion revenue was collected last year and the target is to spend Rs 2,124 billion in the current fiscal year. <\/p>\n
He said, “Our revenue collection was about 1250 billion last year. This year, we have said that we will spend 2124 billion. So there is a big gap. We have to mobilize all the resources we have and now this is a branch of our internal savings that this Citizen Investment Fund has given us this May. \u2019<\/p>\n
Regarding the suggestion of merger of various funds including Social Security Fund and Employees Provident Fund, Finance Minister Wagle said although the primary objectives of these institutions are different, they are complementary to each other. <\/p>\n
He said that the government needs various institutional tools to implement its financial and monetary policies. He said that the office bearers of the institutions owned and controlled by the government should be made accountable to the government. <\/p>\n
Stating that the questions raised by the lawmakers on the issue of risk management were positive, Finance Minister Wagle said that public institutions collecting people’s money should not invest in highly risky sectors. <\/p>\n
He said, “The government of Nepal is of the opinion that we should be a little conservative in such public institutions. However, your main opinion is that the government and the Citizen Investment Fund should be very serious about risk management, I have taken it positively. \u2019<\/p>\n
He also stressed the need to set the limit of investment, make prudent decision regarding how much investment should be made according to the sector and make provisions without conflict of interest in project selection and other issues. <\/p>\n
“The issue of risk management is to set certain limits, to make very prudent decisions about how much investment can be made in which sector, to keep the institution disciplined but also within the framework of the regulation of the subject under which it is subordinate, and the issue of conflict of interest has also come up in the selection of projects and other issues,” he said. <\/p>\n
He also welcomed the views of the MPs that the Citizen Investment Fund would remain as passive capital only because it was afraid to take too much risk. However, he said that public institutions should be careful while investing in high-risk activities as the public money is collected. <\/p>\n
Finance Minister Wagle said that the government is positive about the adoption of digital technology of the fund. He also said that it is not possible to include all the topics in the bill and detailed issues will be addressed through regulations and working procedures. <\/p>\n
He said, “Not everything is included in the Act. Everything should not be kept in the Act, it should not be made so burdensome. Because now this 47-year-old Act is the third amendment, but it comes for amendment only very sparringly. And it should not tie hands. \u2019<\/p>\n
He assured that detailed and important suggestions raised by the lawmakers during the clause-wise deliberations would be addressed through the Regulation and Work Procedure. <\/p>\n
“There are a lot of things that we need to address in terms of regulations and procedures, and I want to assure you that the important suggestions that you have put out at the retail level will be addressed in those places,” he said. \u2019<\/p>\n
Finance Minister Wagle said that further discussions would be held in the concerned committee regarding the pros and cons of the bill and the views would be put forth from the ministries and the Government of Nepal during the clause-wise discussions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Acting Prime Minister and Finance Minister Dr. Swarnim Wagle has said that special attention will be paid to risk management by promoting the Citizen Investment Fund as an important tool for mobilizing internal savings. Responding to the queries raised during the discussion on the Citizens Investment Trust (Third Amendment) Bill, 2083 in the meetingContinue reading “CIT to be made aware of risk management: Finance Minister Wagle”<\/span><\/a><\/p>\n","protected":false},"author":11,"featured_media":87304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1391],"tags":[],"class_list":["post-101927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-en"],"acf":[],"publishedDateNp":"\u096d \u0906\u0936\u094d\u0935\u093f\u0928 \u0968\u0966\u096e\u0969, \u092c\u0941\u0927\u092c\u093e\u0930 \u0967\u096b:\u0967\u096f","_links":{"self":[{"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/posts\/101927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/comments?post=101927"}],"version-history":[{"count":1,"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/posts\/101927\/revisions"}],"predecessor-version":[{"id":101928,"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/posts\/101927\/revisions\/101928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/media\/87304"}],"wp:attachment":[{"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/media?parent=101927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/categories?post=101927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.kalopati.com\/kp_api\/wp\/v2\/tags?post=101927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}