KATHMANDU: The Finance Ministry’s recent review of its performance until the second quarter of the fiscal year 2024/24 suggests that progress has been rather average, failing to meet set targets effectively.

During the assessment conducted until March 13 of the current financial year, Finance Minister Barshaman Pun expressed concerns over the sluggish pace of public finance management.

Despite efforts, capital expenditure remains stagnant, and revenue collection has not seen significant growth, as highlighted by the Finance Minister’s Secretariat.

Minister Pun emphasized the urgency of addressing these issues, calling for improved coordination among ministries and agencies and encouraging greater participation from the private sector to invigorate the economy.

Additionally, Minister Pun urged regulatory bodies within the Ministry to enhance their performance to meet annual targets, citing their subpar performance thus far.

Out of the 175 milestones set by the Ministry for the fiscal year, only a fraction have been completed by March 13.

While progress is underway for some, a considerable number of milestones are yet to be initiated, indicating a significant gap between targets and achievements.

Although some objectives, such as the formulation of standards for resource agreements and multi-year contracts, have been met, several crucial tasks, like reforming the tax system and amending relevant legislation, are still pending.

While the Ministry has made strides in certain policy areas, including foreign currency exchange and support for small farmers and enterprises, the overall performance falls short of expectations, raising concerns about the Ministry’s ability to effectively implement its plans for economic reform.