Ministry of Finance (Nepal)

Ministry of Finance is the central authority of Government of Nepal charged with the responsibilities for maintaining both micro and macro economic stability in the country. The position of finance minister in Nepal is currently held by Bishnu Prasad Paudel, appointed on 14 October 2020.[1][2][3]

Ministry of Finance
अर्थ मन्त्रालय
New Emblem of Nepal.svg
Agency overview
Formed1963; 58 years ago (1963)
HeadquartersSingha Durbar, Kathmandu
Minister responsible
Websitemof.gov.np
The main gateway to Singha Durbar, inside which is the Ministry of Finance.

HistoryEdit

The predecessor of the Ministry of Finance of Nepal, the Ministry of Economic and Planning was established in 1963. In 1968, this Ministry was dissolved and the Ministry of Finance as well as the National Planning Commission of Nepal were set up. Ever since, the Ministry was the highest financial authority of Nepal.[4]

MandateEdit

The mandate of the ministry includes the following: Formulation, implementation, monitoring and evaluation of economic and revenue policy, financial administration and control of plans and programs, Financial analysis, Currency, determination and implementation of monetary policy. Also it is responsible for the Central Bank of Nepal, Nepal Rastra Bank (Including Nepal Industrial Development Corporation) and co-ordination with the World Bank, the International Monetary Fund, the Asian Development Bank and other International Financial Institutions.[citation needed]

Structure and departmentsEdit

The Ministry is divided into several divisions:[4]

  • Revenue Advisory Committee
  • International Economic Cooperation Co-ordination Division
  • Budget and Programme Division
  • Corporation Co-ordination and Privatisation Division
  • Revenue Administration Division
  • Economic Affairs and Policy Analysis Division
  • Administrative Division
  • Legal Division
  • Monitoring and Evaluation Division

The Ministry of Finance furthermore consists of the following six Departments:

Former Finance Ministers of the Kingdom of NepalEdit

This s a list of all former Finance Ministers of the Kingdom of Nepal and their appointments until 2008:[5]

  1. Subarna Shamsher Rana, February 1951
  2. Kaiser Shumsher Jang Bahadur Rana, 1952
  3. Matrika Prasad Koirala, June 1953
  4. S. Gunjaman Singh, January 1957
  5. C. B. Singh, July 1957
  6. Subarna Shamsher Rana, May 1958
  7. Rishikesh Shah, December 1960
  8. Surya Bahadur Thapa, July 1962
  9. Surendra Bahadur Basnet, September 1968
  10. Kirti Nidhi Bista, April 1969
  11. Gehendra Bahadur Rajbhandari, April 1970
  12. Kirti Nidhi Bista, April 1971
  13. Bhekh Bahadur Thapa, July 1973
  14. Ram Prasad Rajbahak, April 1979
  15. Surya Bahadur Thapa, May 1979
  16. Yadav Pant, June 1980
  17. Prakash Chandra Lohani, July 1983
  18. Bharat Bahadur Thapa, March 1986
  19. Pashupati Shamsher Jang Bahadur Rana, April 1990
  20. Devendra Raj Pandey, April 1990
  21. Girija Prasad Koirala, May 1991
  22. Mahesh Acharya, December 1991
  23. Bharat Mohan Adhikari, November 1994
  24. Ram Saran Mahat, September 1995
  25. Rabindra Nath Sharma, March 1997
  26. Ram Saran Mahat, April 1998
  27. Bharat Mohan Adhikari, December 1998
  28. Mahesh Acharya, May 1999
  29. Ram Saran Mahat, July 2001
  30. Badri Prasad Shrestha, October 2003
  31. Prakash Chandra Lohani, June 2003
  32. Bharat Mohan Adhikari, June 2004
  33. Madhukar Shamsher Rana, February 2005

Former Finance Ministers during the transition phase of NepalEdit

This is a list of former Finance Ministers of the Nepal during its transition phase (2008 - 2013):[5]

SN Name Party Assumed office Left office
1 Baburam Bhattarai[6] Communist Party of Nepal (Maoist Centre) NA NA
2 Surendra Pandey[7] Communist Party of Nepal (Unified Marxist–Leninist) 25 May 2009 6 February 2011
3 Bharat Mohan Adhikari Communist Party of Nepal (Unified Marxist–Leninist) 6 February 2011 4 September 2011
4 Barsaman Pun[8] Communist Party of Nepal (Maoist Centre) 4 September 2011
5 Shanker Prasad Koirala independent 18 March 2013 11 February 2014

Former and current Finance Ministers since 2013Edit

This is a list of all former Finance Ministers since the Nepalese Constituent Assembly election in 2013:

Key
  •  - Current Finance Minister
SN Name Party Assumed office Left office
1 Ram Saran Mahat[9] Nepali Congress 25 February 2014 12 October 2015
2 Bishnu Prasad Paudel Communist Party of Nepal (Unified Marxist–Leninist) 5 November 2015 1 August 2016
3 Krishna Bahadur Mahara[10] Communist Party of Nepal (Maoist Centre) 4 August 2016 31 May 2017
4 Gyanendra Bahadur Karki[11] Nepali Congress 7 June 2017 15 February 2018
5 Yuba Raj Khatiwada[a] Communist Party of Nepal (NCP) 16 March 2018[13] 4 September 2020[14]
6   Bishnu Prasad Paudel Communist Party of Nepal (NCP) 14 October 2020[15]

NotesEdit

  1. ^ Khatiwada had to resign from his ministeral posts on 3 March 2020, as his two-year term in the Rastriya Sabha ended, however he was reappointed only on the next day.[12]

ReferencesEdit

  1. ^ "Ministry of Finance - Government of Nepal". www.mof.gov.np.
  2. ^ "MOF non cooperation halts".
  3. ^ "Law and order".
  4. ^ a b "Introduction". Government of Nepal. Retrieved 1 April 2018.
  5. ^ a b "नेपालका पूर्व अर्थ मन्त्रीहरु" (in Nepali). Government of Nepal. Retrieved 1 April 2018.
  6. ^ "Prachanda elected PM with 464 votes". nepalnews.com. Archived from the original on 22 November 2008. Retrieved 15 August 2008.
  7. ^ "Backgrounder: Nepali cabinet member list". People.cn. Retrieved 1 November 2017.
  8. ^ "PM Bhattarai swears in 13 more Cabinet members". The Kathmandu Post. Retrieved 15 October 2017.
  9. ^ "Meet the new cabinet of ministers". Nepali Times. Retrieved 1 October 2017.
  10. ^ "Prime Minister Dahal expands Cabinet, adds three ministers". The Himalayan Times. 8 August 2016. Retrieved 11 November 2017.
  11. ^ "Deuba sworn in as 40th PM, forms Cabinet by inducting 7 ministers". The Kathmandu Post. Retrieved 20 October 2017.
  12. ^ "Yubaraj Khatiwada resigns as finance minister, likely to be reappointed today". The Himalayan Times. 4 March 2020. Retrieved 26 May 2020.
  13. ^ "PM inducts 15 new ministers in his Cabinet". The Kathmandu Post. Retrieved 1 April 2018.
  14. ^ "Yubaraj Khatiwada resigns as finance and communication minister". kathmandupost.com. Retrieved 4 September 2020.
  15. ^ "मन्त्रिपरिषद पुनर्गठन : ईश्वर पोखरेलको मन्त्रालय खोसियो, विष्णु पौडेललाई अर्थ (सूचीसहित)". Onlinekhabar (in Nepali). Retrieved 14 October 2020.

External linksEdit