The "Workshop on Co-ordination Between Monetary and Fiscal Policies in Nepal" was successfully held today at Prithivi hall, Dikshya Sadan. The workshop aimed at creating a platform for knowledge sharing of key officials through constructive discussions to develop institutional and operational arrangements for co-ordination of fiscal and monetary policy in Nepal. The program was hosted by Director of Studies and Centre Chief of Centre for Financial Management Mr. Sundar Shrestha. Mr. Shrestha welcomed all the distinguished guests, paper presenters and participants representing various organizations of public and private sectors. The program was chaired by Dr. Rajan Khanal, Executive Director of NASC. The chief guest as well as the keynote speaker of the workshop was Dr. Baikuntha Aryal, Chief Secretary of Government of Nepal and the paper presenters of the workshop were Mr. Sishir Kumar Dhungana, former Finance Secretary of Government of Nepal and Dr. Gunakar Bhatta, Executive Director of Nepal Rastra Bank.
Senior Director of Studies Mr. Basanta Raj Sigdel welcomed all the distinguished guests, experts and participants through his welcome remarks, emphasizing the importance of fiscal and monetary co-ordination for achieving sustainable economic growth whilst maintaining economic stability. Then, Dr. Baikuntha Aryal, Chief Secretary of Government of Nepal delivered the keynote speech to set the overall context for the workshop. Dr. Aryal appreciated the initiation of NASC for creating a platform for related agencies, organizations and stakeholders to build co-ordination between fiscal and monetary policies in Nepal. Dr. Aryal emphasized that macroeconomic policies we formulate and implement are concerned with sustainable economic growth through full employment of resources and macroeconomic stability. He further elaborated that fiscal policy aims at economic growth and the sole aim of monetary policy is to control inflationary pressure in the economy. Dr. Aryal stressed that inconsistent policies create chaos and effective co-ordination helps to avoid such situation. Finally, Dr. Aryal concluded his keynote speech by stressing how fiscal and monetary policies are complementary to each other, hence the pressing need for co-ordination between the policies.
In the thematic presentations, Mr. Sishir Kumar Dhungana, former Finance Secretary of Government of Nepal, presented on the central theme "Changing Role of Fiscal Policy for Sustainable Development" where he highlighted the effectiveness of fiscal policy measures for development and growth, reviewing the fiscal policy stance of the Government of Nepal in recent decades. The paper further highlighted on the sub theme "Fiscal federalism: Reimagining fiscal policies in the federal context". Then, Dr. Gunakar Bhatta, Executive Director of Nepal Rastra Bank, presented on the central theme "Reflection on Monetary Policy: Effectiveness and Way forward". Dr. Bhatta highlighted the overview of monetary policy stance in Nepalese economy and emphasized the need for an effective monetary policy measures in achieving broader economic goals of the country. After the thematic presentations, the plenary discussion was moderated by Senior Director of Studies Mr. Basanta Raj Sigdel. The plenary discussion revolved on analyzing the implications of fiscal and monetary policies in Nepalese economy.
Finally, Dr. Rajan Khanal, Executive Director of NASC, put forward his closing remarks by re-emphasizing the need for an effective policy co-ordination between fiscal and monetary policies to achieve the overall economic goals of sustainable economic growth and stability.
