Ministry of Finance
अर्थ मन्त्रालय

Office building at Singh durbar
Ministry Of Nepal overview
Formed1963 (1963)
JurisdictionGovernment of Nepal
HeadquartersSingha Durbar, Kathmandu
Minister responsible
Websitemof.gov.np

Ministry of Finance (Nepali: अर्थ मन्त्रालय) 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 Prakash Sharan Mahat since 31 March 2023.[1]

History

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.[2]

Mandate

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.

Structure and departments

The Ministry is divided into several divisions:[2]

  • 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 and current Finance Ministers

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
1Ram Saran Mahat[3]Nepali Congress25 February 201412 October 2015
2Bishnu Prasad PaudelCommunist Party of Nepal (Unified Marxist–Leninist)5 November 20151 August 2016
3Krishna Bahadur Mahara[4]Communist Party of Nepal (Maoist Centre)4 August 201631 May 2017
4Gyanendra Bahadur Karki[5]Nepali Congress7 June 201715 February 2018
5Yuba Raj Khatiwada[lower-alpha 1]Communist Party of Nepal (NCP)16 March 2018[7]4 September 2020[8]
6Bishnu Prasad PaudelCPN UML14 October 2020[9]13 July 2021
7Janardan SharmaCPN (Maoist)13 July 2021[10]

7 July 2022

8Sher Bahadur DeubaNepali Congress7 July 2022[11]

July 31, 2022

7Janardan SharmaCPN (Maoist)31 July 2022[12]

26 December 2022

9Bishnu Prasad PaudelCPN UML26 December 2022[13]

27 February 2023

10‡ Prakash Sharan MahatNepali Congress31 March 2023[14]

Notes

  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.[6]

See also

References

  1. ↑ Republica. "Newly-appointed Finance Minister Mahat forms task force to manage the govt's cash flow". My Republica. Retrieved 31 March 2023.
  2. 1 2 "Introduction". Government of Nepal. Retrieved 1 April 2018.
  3. ↑ "Meet the new cabinet of ministers". Nepali Times. Retrieved 1 October 2017.
  4. ↑ "Prime Minister Dahal expands Cabinet, adds three ministers". The Himalayan Times. 8 August 2016. Retrieved 11 November 2017.
  5. ↑ "Deuba sworn in as 40th PM, forms Cabinet by inducting 7 ministers". The Kathmandu Post. Retrieved 20 October 2017.
  6. ↑ "Yubaraj Khatiwada resigns as finance minister, likely to be reappointed today". The Himalayan Times. 4 March 2020. Retrieved 26 May 2020.
  7. ↑ "PM inducts 15 new ministers in his Cabinet". The Kathmandu Post. Retrieved 1 April 2018.
  8. ↑ "Yubaraj Khatiwada resigns as finance and communication minister". kathmandupost.com. Retrieved 4 September 2020.
  9. ↑ "मन्त्रिपरिषद पुनर्गठन : ईश्वर पोखरेलको मन्त्रालय खोसियो, विष्णु पौडेललाई अर्थ (सूचीसहित)". Onlinekhabar (in Nepali). Retrieved 14 October 2020.
  10. ↑ "Newly-appointed PM Deuba, four ministers take oath of office and secrecy". myrepublica. Retrieved 13 July 2021.
  11. ↑ "PM Sher Bahadur Deuba to look after Ministry of Finance". sharesansar. 15 December 2016. Retrieved 16 July 2022.
  12. ↑ "Sharma reappointed finance minister". Kathmandu Post. Retrieved 31 July 2022.
  13. ↑ "Pushpa Kamal Dahal cabinet gets almost full shape. Here's the list". onlinekhabar. 17 January 2023. Retrieved 17 January 2023.
  14. ↑ "Prime Minister Dahal expands Cabinet". Kathmandu Post. Retrieved 31 March 2023.


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