Kathmandu. Finance Minister Swarnim Wagle has clarified that the government has no policy to conduct a crackdown on major investors in the stock market. During a meeting with the Nepal Economic Journalists Association (NAFIJ) on Monday, he stated that no campaign to harass business people is being carried out.
He mentioned that while the government wants to make the stock market clean and transparent, there are efforts to spread fear in the market. Minister Wagle stated that the government aims to neutralize those spreading rumors and engaging in insider trading. Speaking about the stock market, he expressed concern over the rumors being spread.
‘It appears that small investors are being terrorized, which is not appropriate,’ said Finance Minister Wagle. ‘The government has no intention of taking action against small investors. The stock market is more organized and transparent than other sectors in Nepal.’
Noting that the government has taken necessary precautions in view of the escalating conflict in the Middle East, he informed that the government has already decided to grant two days of public holidays. He stated that instead of bringing back 2.5 million Nepalis, the focus is on rescuing those in difficulty with priority.
Clarifying the implementation of the Ministry of Home Affairs’ decisions, Wagle said, ‘The decisions made by the Ministry of Home Affairs are being implemented by the ministry itself.’
He clarified that the government will not take action with unnecessary fanfare, but cases that have been stalled for years after investigation are being moved forward. Additionally, he informed that the government is active in removing Nepal from the ‘grey list’.
Mentioning that the government’s goal is to maintain economic governance along with political governance, he said that the budget to be presented on Jestha 15 will focus on economic transformation.
He also mentioned that the Prime Minister’s Office is paying special attention to resolving problems seen in the online system immediately. Speaking about the management of government-owned institutions, he said that discussions are ongoing regarding the modality of operating some institutions, including Gorakhkali, and this will be included in the upcoming budget.
Finance Minister Wagle expressed his commitment to adopt an economic policy with social justice, stating that the private sector will be kept dynamic, but legal and regulatory processes must be strictly followed.
The Finance Minister also assured that necessary support will be provided to NAFIJ through the upcoming budget. Expressing satisfaction with NAFIJ’s development, Minister Wagle said, ‘When I first heard of NAFIJ, it was growing; now it has established itself as a mature organization.’
He stated that the system is reliable because it is paperless, transactions are done through banks, dividends go directly to accounts, the tax system is clear, and it is possible to track who bought or sold.
Removing from ‘Grey List’ is the first priority
Finance Minister Wagle mentioned that removing Nepal from the ‘grey list’ is the government’s first priority. He informed that the government is working to get out of it within the stipulated time as the ‘grey list’ brings international disrepute.
He also said that this has a negative impact on the investment climate. He stated that investigations into financial crimes such as money laundering will be based on cases moved forward on the basis of irrefutable evidence.
He also said that if industrialists and businessmen have committed major financial crimes, the government’s objective is to impose heavy financial penalties on them. ‘We have no intention of picking and choosing institutions or individuals to harass. We believe in a free-market economy. That does not mean a lawless economy,’ he said.
Finance Minister Wagle also said that the work of justice in other crimes will be done by the court. ‘It is not about targeting anyone for action, but only moving forward according to the law,’ he said. ‘No one will be given immunity from crime. But the private sector will not be harassed.’
