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Finance Minister Wagle Takes Swipe at PM, Energy Minister Over Adviser Appointments

Finance Minister Dr. Swarnim Wagle criticized the growing number of advisers in the Prime Minister's Office and the Ministry of Energy, saying his ministry has only one unpaid adviser while prioritizing fiscal discipline and revenue collection.

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Finance Minister Wagle Takes Swipe at PM, Energy Minister Over Adviser Appointments

Finance Minister Dr. Swarnim Wagle has publicly criticized the large number of advisers appointed in key government offices, taking an indirect swipe at Prime Minister Balen Shah and the Energy Ministry while emphasizing fiscal discipline. Speaking at a program on revenue leakage control and capital market development, Wagle said the Prime Minister's Office has 27 advisers and the Ministry of Energy has 20, whereas the Ministry of Finance has appointed only one unpaid revenue adviser. He argued that limiting adviser appointments reflects the ministry's commitment to efficient public spending and stronger revenue administration rather than expanding politically motivated positions. The finance minister said his focus remains on achieving the government's "Mission NPR 16 Trillion" revenue target through improved tax collection and reduced revenue leakage, rather than increasing administrative expenses. He stressed that Nepal's economic challenges cannot be solved by appointing more advisers but by adopting clear policies, controlling unnecessary expenditure, and improving governance. Wagle also remarked that Nepal's economy is larger than official figures suggest, but warned that rising public spending alongside weakening revenue collection presents a major fiscal challenge that must be addressed.

Nepal Rastra Bank Publishes Thursday's Foreign Exchange Rates; US Dollar at Rs. 149.61

Nepal Rastra Bank (NRB) has published the official foreign exchange rates for Thursday. The buying rate of one US dollar has been fixed at Rs. 149.61 and the selling rate at Rs. 150.21. The British Pound Sterling has recorded the highest value among the major currencies listed, with a selling rate of Rs. 200.16.

Gold Price Plunges by Rs. 5,900 Per Tola on Dhanteras; Silver Also Declines

Gold and silver prices recorded a sharp decline in the Nepali market on Friday, Kartik 20, coinciding with Dhanteras. Gold fell by Rs. 5,900 per tola to Rs. 283,000, while silver dropped by Rs. 110 per tola.

Nepal's VAT Collection Exceeds Target as Consumer Reward Scheme Boosts Tax Compliance

Nepal's VAT collection exceeded its first-quarter target in FY 2083/84, reaching Rs. 41.04 billion, up 10% compared to the same period last year. The increase comes after the Inland Revenue Department introduced a consumer reward scheme encouraging people to demand bills when making purchases.

Nepal Estimates $5 Billion Needed for Reconstruction After Bhotekoshi-Trishuli Disasters

Finance Minister Dr. Swarnim Wagle has estimated that Nepal will require approximately $4.7 billion to $5 billion for reconstruction following the disasters in the Bhotekoshi and Trishuli regions. The government is preparing a phased financing plan, including financial support from India, China, the World Bank and the Asian Development Bank (ADB).

Maya Khola Hydropower's Net Profit Surges 124.52% to Rs 6.38 Crore in Q1

Maya Khola Hydropower Company Limited (MKHC) has reported a 124.52 percent increase in net profit, earning Rs 6.38 crore in the first quarter of FY 2083/84, compared to Rs 2.84 crore in the same period last year. Higher electricity sales revenue and lower interest expenses supported the company's improved profitability.

Khani Khola Hydropower Turns Profitable, Reports Rs 3.65 Crore Net Profit in Q1

Khani Khola Hydropower Company Limited (KKHC) has made a remarkable financial turnaround, reporting a net profit of Rs 3.65 crore in the first quarter of FY 2083/84, compared to a net loss of Rs 1.89 crore in the same period last year.