Public Debt Management Office set up

 The government has established the Public Debt Management Office with a view to manage the public debt in an integrated way. 
Finance Minister Dr Yubaraj Khatiwada inaugurated the office set up in Putalisadak amidst a programme here today. The office established as the subordinate body of the Ministry Finance will function autonomously. 
Prior to this, the Nepal Rastra Bank (NRB) owned the responsibility of proceeding with internal borrowings and the Public Debt and Investment Section at Office of Auditor General owned the responsibility of the management external and domestic debt. The newly established office will look after works relating to the debt management including some works of the Finance Ministry. 
According to Office Chief Bishnuraj Dhakal, the office will help for the effective implementation of the government's fiscal and monetary policies. It will invest in public enterprises, recover loan and look after it its management. Besides, it has been given additional responsibility of looking after some task relating to the internal and external debt executed by the International Cooperation Coordination Division and Economic Policy Analysis Division, the Ministry of Finance. It has been assigned to prepare a draft of the public debt policy as well. 
On the occasion, the Finance Minister expressed his hope that the government fiscal and monetary policies will see more effectiveness with the office coming into force. 
"Capital is needed for carrying out development activities. For this, government resources are not enough, and development cannot depend only on grants. This office will count a lot in managing public debt," he said. 
Approximately Rs 10 billion is required alone for physical infrastructure development in the next two years, and Rs 20 billion to upgrade the East-West Highway, complete railway and produce 5,000 megawatts electricity, he said. 
He also emphasised public debt investment in production, and infrastructure development and capital build-up. 
NRB Governor Dr Chiranjivi Nepal expressed the hope that the autonomous body would help manage the capital market of the government and internal debt. It also helps collect foreign debt on time, he added. 
Joint Secretary of the Finance Ministry Mukunda Poudel pledged that the Ministry would provide necessary support to manage the Office.