Introduction
Economic development of any country largely depends on economic growth and stability, which requires a harmonious balance and interactions between different economic policies. Economic policies are a mixture of Fiscal Policies and Monetary Policies. Fiscal policy focuses more into government’s domain of expenditure and revenue mostly through adjustment of tax, creation of employment opportunities and promotion of public as well as private expenditures in productive infrastructure development. Monetary policy, whereas is concerned with maintaining an optimal level of money supply, price stability and hence inflation control and creation of favorable investment environment through adjustment in interest rates. Both of these policies are complimentary and only the co-ordinated efforts from the beginning of their formation till end can achieve the overall objective of economic development.
The desired co-ordination is only possible when the representatives from different government agencies and the central Bank understand the essence and effectiveness of the strategies to achieve the objectives of these policies, and tap into their own strengths to influence and lead with impact. Similarly, they need to develop better understanding of the institutional and operational arrangement for policy coordination at different levels in short run and long run. These learning and changes are believed to make remarkable transformation to attain the desired objectives.
Competencies in such area are the bare bones for enhancing their own performance as well as making their efforts instrumental for cultural transformation and consolidation of Nepalese financial sector making their concerned ministry, organizations and departments more capable, accountable, result oriented, innovative, and efficient to achieve overall stable economic growth of country.
Upon promulgation of the new constitution, the country has entered into the new era of governance. The new system requires shift in policy paradigm and reorientation of policy measures to commensurate with development goals of the nation and implementing structure of governance. In this connection, NASC organizes such workshop aiming at creating a platform to bring together the key officers of the government of Nepal, Nepal Rastra Bank and agencies working on fiscal and monetary policies so as to foster constructive discussions and develop perspectives in better coordination.
Aim of the Workshop
The program aims at creating an environment for knowledge-sharing of key officials through constructive discussions to develop institutional and operational arrangements for coordination of fiscal and monetary policy.
Approach and methodology
The programme will be based on collaborative co-constructive learning approach and includes methods such as interactive paper presentations, group discussions and expert interventions.
Areas of Exploration
The workshop will progress through thematic paper presentation followed by interaction and discussions. The broader themes and potential contributing agency will cover:
- Changing Role of Fiscal Policy for Sustainable Development
- Reflection on Monetary Policy: Effectiveness and Way forward
- Designing operational framework for coordination of fiscal and monetary policy
Participant profile
Senior officers of National Planning Commission, Ministry of Finance, Nepal Rastra Bank, Bank and Financial Institutions public organizations