Finance Minister Janardan Sharma Assumes Office

Newly-appointed Minister for Finance Janardan Sharma has assumed his office this evening after taking the oath of office and secrecy.

Assuming the office, Minister Sharma said he would work for the revitalization of Nepal's economy. Nepal's economy is also affected due by problems seen in the global economy, he viewed.

Minister Sharma also shared his plans to work for increasing exports while substituting imports. "Our economy should be revitalized. For this, import substitution, increase in export and reserve of the foreign exchange should be improved," according to Minister Sharma.     

On the occasion, he pledged to mend the ways in the implementation of the budget for the current fiscal year.

Likewise, Minister Sharma said he was assured of getting support from the bureaucracy in the implementation of the budget.

He has decided to increase the limit of deposit insurance. As per the new provision, the limit of deposit insurance will be Rs 500,000 from Rs 300,000, the Minister shared.

Earlier, Sharma had resigned from the post on July 6 by addressing the House of Representatives (HoR) as there were accusations that unauthorized persons had entered the Ministry of Finance in the budget-making process.

The parliamentary special committee formed to probe the issue submitted its report on Friday, concluding that there was no clue on the entry of unauthorized persons into the Ministry during the budget-making process.