KATHMANDU: Emphasizing the pivotal role of international collaboration, former Finance Minister Surendra Pandey highlighted that the development of the nation is contingent upon the collective assistance of its friendly nations.

Pandey, who once held the position of Finance Minister, expressed these views during a symposium titled ‘Empowering Small Nations: Assessing Competitiveness and Nepal’s Foreign Policy Priorities.’

The event, hosted by the Institute of Strategic and Socio-Economic Research (ISSR), took place in Kathmandu on Thursday.

He reiterated the notion that the journey towards development necessitates unwavering support from the international community, particularly friendly nations.

Pandey further underscored the need to establish high-quality educational institutions within the country’s borders, with the goal of retaining local talent and dissuading the youth from seeking education abroad.

Drawing attention to a growing concern, Pandey highlighted the escalating levels of foreign and domestic debt in Nepal.

He pointed out that as per the budgetary allocations, foreign loans are projected to constitute around 20 percent, whereas grants would only account for approximately 15 percent.

Elaborating on trade dynamics, Pandey noted that Nepalese traders often turn to India to acquire Chinese goods due to the burdensome tax structure.

He juxtaposed the taxation policies of both countries—India taxing travel exports and Nepal imposing taxes on agricultural products.

This discrepancy raises worries about food scarcity and its potential repercussions on the population.

Amid these challenges, Pandey predicted that the current fiscal year would be arduous, as the anticipated increase in revenues has not been realized.

In summary, former Finance Minister Pandey’s address underscored the critical necessity of collaborative support from friendly nations for the advancement of the country.

The symposium shed light on vital aspects of Nepal’s foreign policy priorities and its quest for competitiveness on the global stage.