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Ministry of Finance (Nepal)

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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]

Ministry of Finance
अर्थ मन्त्रालय

Office building at Singh durbar
Ministry Of Nepal overview
Formed1963; 61 years ago (1963)
JurisdictionGovernment of Nepal
HeadquartersSingha Durbar, Kathmandu
Minister responsible
Ministry Of Nepal executives
  • Madhu Kumar Marasini, Finance Secretary
  • Dr. Ram Prasad Ghimire, Secretary (Revenue)
  • Binod Prakash Singh, Financial Comptroller General
Websitemof.gov.np

History

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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

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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.[citation needed]

Structure and departments

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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:[2]

  • Revenue Advisory Committee
  • International Economic Cooperation Co-ordination Division
  • Budget and Programme Division
  • Corporation Co-ordination and Privatisation Division
  • Revenue Administration Division
  • Economic Affairs and Policy Analysis Division
  • Administrative Division
  • Legal Division
  • Monitoring and Evaluation Division

Former and current Finance Ministers

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Main article: Minister of Finance (Nepal)

This is a list of all former Finance Ministers since the Nepalese Constituent Assembly election in 2013:

Key
  • ‡- Current Finance Minister
SN Name Party Assumed office Left office
1 Ram Saran Mahat[4] Nepali Congress 25 February 2014 12 October 2015
2 Bishnu Prasad Paudel Communist Party of Nepal (Unified Marxist–Leninist) 5 November 2015 1 August 2016
3 Krishna Bahadur Mahara[5] Communist Party of Nepal (Maoist Centre) 4 August 2016 31 May 2017
4 Gyanendra Bahadur Karki[6] Nepali Congress 7 June 2017 15 February 2018
5 Yuba Raj Khatiwada[a] Communist Party of Nepal (NCP) 16 March 2018[8] 4 September 2020[9]
6 Bishnu Prasad Paudel CPN UML 14 October 2020[10] 13 July 2021
7 Janardan Sharma CPN (Maoist) 13 July 2021[11]

7 July 2022

8 Sher Bahadur Deuba Nepali Congress 7 July 2022[12]

July 31, 2022

7 Janardan Sharma CPN (Maoist) 31 July 2022[13]

26 December 2022

9 Bishnu Prasad Paudel CPN UML 26 December 2022[14]

27 February 2023

10 ‡ Prakash Sharan Mahat Nepali Congress 31 March 2023[15] 5 March 2024
11 Barsaman Pun Nepal Communist Party 6 March 2024

Notes

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  1. ^ Khatiwada had to resign from his ministerial posts on 3 March 2020, as his two-year term in the Rastriya Sabha ended, however he was reappointed only on the next day.[7]

See also

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References

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  1. ^ "Newly-appointed Finance Minister Mahat forms task force to manage the govt's cash flow". Nepal Live Today. Retrieved 6 March 2023.
  2. ^ a b "Introduction". Government of Nepal. Retrieved 1 April 2018.
  3. ^ "Ministry Of Finance". mof.gov.np. Retrieved 12 March 2024.
  4. ^ "Meet the new cabinet of ministers". Nepali Times. Retrieved 1 October 2017.
  5. ^ "Prime Minister Dahal expands Cabinet, adds three ministers". The Himalayan Times. 8 August 2016. Retrieved 11 November 2017.
  6. ^ "Deuba sworn in as 40th PM, forms Cabinet by inducting 7 ministers". The Kathmandu Post. Retrieved 20 October 2017.
  7. ^ "Yubaraj Khatiwada resigns as finance minister, likely to be reappointed today". The Himalayan Times. 4 March 2020. Retrieved 26 May 2020.
  8. ^ "PM inducts 15 new ministers in his Cabinet". The Kathmandu Post. Retrieved 1 April 2018.
  9. ^ "Yubaraj Khatiwada resigns as finance and communication minister". kathmandupost.com. Retrieved 4 September 2020.
  10. ^ "मन्त्रिपरिषद पुनर्गठन : ईश्वर पोखरेलको मन्त्रालय खोसियो, विष्णु पौडेललाई अर्थ (सूचीसहित)". Onlinekhabar (in Nepali). Retrieved 14 October 2020.
  11. ^ "Newly-appointed PM Deuba, four ministers take oath of office and secrecy". myrepublica. Retrieved 13 July 2021.
  12. ^ "PM Sher Bahadur Deuba to look after Ministry of Finance". sharesansar. 15 December 2016. Retrieved 16 July 2022.
  13. ^ "Sharma reappointed finance minister". Kathmandu Post. Retrieved 31 July 2022.
  14. ^ "Pushpa Kamal Dahal cabinet gets almost full shape. Here's the list". onlinekhabar. 17 January 2023. Retrieved 17 January 2023.
  15. ^ "Prime Minister Dahal expands Cabinet". Kathmandu Post. Retrieved 31 March 2023.
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