KATHMANDU, March 28: Newly appointed Finance Minister Dr Swarnim Wagle has taken a historic step toward structural reforms in Nepal’s economy by initiating the process to repeal 15 outdated laws and abolish the Department of Revenue Investigation (DRI), following recommendations from the High-Level Economic Reform Advisory Commission, 2081. The move, announced on Friday, addresses long-standing demands from the private sector for a more investment-friendly and efficient legal framework.
The laws identified for repeal or amendment include: Income Ticket Duty Act, 2019; Black Market and Certain Social Crimes and Punishment Act, 2032; Private Forest Nationalization Act, 2013; Administrative Procedures Act, 2013; Compensation Act, 2019; Birta Abolition Act, 2016; Provisions Restricting Birta Transfers, 2015; Revenue Leak (Investigation and Control) Act, 2052; Foreign Investment Restriction Act, 2021; Nepal Agency Act, 2014; Provincial Development Planning Act, 2013; Export-Smuggling Control Act, 2013; Social Behavior Reform Act, 2033; Nepali Currency Circulation Promotion Act, 2014; and Financial Mediation Institutions Act, 2055.
Minister Wagle stated that these legal reforms aim to reduce administrative bottlenecks, create a conducive environment for private enterprises, and accelerate major development projects. “Now, large projects will move forward quickly, and processes that slowed down investment will be removed,” he said.
New Finance Minister Dr Wagle abolishes 15 laws hindering econo...
In addition to legal reforms, the Finance Ministry will release an Economic White Paper within five days, alongside 100-day, half-yearly, and annual plans to implement the government’s election pledges. The focus will be on facilitating private investment, improving procedural efficiency, and strengthening the overall economic structure.
Wagle, a seasoned economist with over 25 years of international development experience, brings a global perspective to Nepal’s financial management. He has previously served as Chief Economic Adviser for UNDP’s Asia-Pacific Regional Bureau, advising 36 countries, and has held senior economist positions at the World Bank, UNDP offices in New York, Hanoi, and Colombo. He has also been Vice-Chair of Nepal’s National Planning Commission, where he coordinated national development strategies, policy reforms, and post-earthquake reconstruction efforts that secured $400 million in aid commitments.
Born in 1974 in Gorkha, Wagle holds a PhD in Economics from the Australian National University, a Master’s in International Development from Harvard University, and a Bachelor’s in Economics from the London School of Economics. He entered politics in 2022, joining the Rastriya Swatantra Party (RSP) after a long association with the Nepali Congress, and was elected as a member of the House of Representatives from Tanahun-1 in the 2022 general elections.
Wagle has long emphasized that good governance is the prerequisite for sustainable economic growth, advocating digitalization, clean energy, green industrialization, tourism, and agriculture as key growth sectors. He has argued for streamlining provincial and local governance structures to reduce administrative costs and increase efficiency.
As Finance Minister, Wagle also highlighted the importance of modernizing government operations, promoting paperless and cashless systems, and enhancing coordination across agencies to manage the impact of international developments, particularly in the Middle East.
The 15 laws targeted for repeal were described by the Ministry as decades-old regulations that no longer align with a modern open-market economy, creating unnecessary bureaucratic hurdles and hampering investment. The reforms are expected to significantly improve Nepal’s business environment and stimulate private sector growth.
Analysts say Wagle’s initiative signals a major step toward systemic economic reform, setting the stage for improved governance, higher domestic production, job creation, and transformational budget policies.
