Nepal to be promoted as a destination for 'wellness tourism'
The government is going to promote Nepal as a destination for 'wellness tourism' in the international tourism market.
Presenting the annual estimates (budget) of revenue and expenditure for the fiscal year 2026/27 in the joint house of the federal parliament today, Finance Minister Dr Swarnim Wagle said that the government has given high priority to the development of the tourism sector.
Accordingly, financial incentives will be given for the construction of luxury resorts and hotels to promote tourism.
He also mentioned that the Civil Aviation Authority of Nepal will be restructured within mid-January next year to improve Nepal's position in the European Union's aviation safety list. The CAAN will be divided into separate regulatory and licensing bodies.
The Finance Minister said that the Lumbini-Muktinath religious road, Shaligram road and meditation/yoga center will be developed. He mentioned that the government has set a goal to integrate yoga, meditation, spiritual practices as well as Buddhist and Vedic philosophy. This will help introduce the Himalayan cultural experience to the world.
Govt plans sovereign wealth fund by utilizing foreign currency reserve
The government has forwarded a plan to set up a sovereign wealth fund by utilizing foreign currency reserves.
Presenting the budget for the upcoming fiscal year, 2026/27 in the joint meeting of the federal parliament today, Finance Minister Dr Swarnim Wagle said that artificial intelligence (AI), clean energy, digital infrastructures and financial sector reform were in government priority. A strategic plan is afoot to develop Nepal as a regional technical hub, he shared.
The climate fund would be utilized to the extent possible while diaspora bond and clean energy bond shall be issued, he said, adding that establishment of an AI factory was another scheme.
In order to curb exchange risk associated with foreign loan or investment, a hedging service would be launched next year, according to him.
Utmost efforts would be made to lift Nepal out of the grey list; a favorable atmosphere would be created to improve credit sovereign credit rating.
Moreover, the government is for increasing government funds in Rastriya Banijya Bank under the reform of corporation/authorities, while Nepal Airlines would be transformed into a company and run in a partnership model.
As per the budget speech, the government issued shares of Rastriya Jeevan Bima Company and Bishal Bazar Company to the general public. Keeping 66 percent of its share to the government, remaining shares would be sold to the general public within mid-January next year. The amount generated from it would be spent to make Nepal a tech hub.
Foreign investment would be open for expansion of IT and a clear legal provision for remote work- from Nepal to the foreign companies. IT software to be used in government services will be purchased from the same agency, according to Minister Wagle.
The finance minister further announced that a fintech marketplace would be established under Nepal Rastra Bank's supervision as part of digital public infrastructures. Dozens of government services would be linked to Nagarik App.
The budget further mentioned the establishment of a sovereign AI compute center for the first time in Nepal. With this numerous AI industrialists and startups would be provided computing at a subsidized rate by purchasing thousands of AI processing units.
Dr Wagle also announced that at least 15 Nepali researchers working in internationally acclaimed AI companies would be provided fellowships in a bid to contribute to Nepal.
AI-related education including mathematics is accorded utmost priority by the government as the Minister shared through budget speech.
Government to proceed with restructuring of Nepal Stock Exchange
The government is set to proceed with the restructuring of the Nepal Stock Exchange (NEPSE).
Finance Minister Swarnim Wagle said so while presenting the budget for fiscal year 2083/ 84.
Government raises civil servants’ salaries by 21 percent
The government has increased the salaries of government employees.
Finance Minister Swarnim Wagle said that the salaries of government employees have been increased by 21 percent.
He said that the new salary of government employees has now been fixed at a minimum of 40,000 to 100,000.
Four medical education programs to be launched at Shaheed Dashrath Chand University
The government has announced plans to run programs in four categories of medical education at the Shaheed Dashrath Chand University of Health Sciences in Geta, Sudurpaschim Province.
Finance Minister Swarnim Wagle said so while presenting the budget for fiscal year 2083/ 84.
Government announces free cancer treatment for children at government hospitals
The government has announced that it will provide free treatment of cancer to the children at government hospitals.
Finance Minister Swarnim Wagle said so while presenting the budget for fiscal year 2083/ 84.
Govt allocates Rs 2. 18 billion for education sector
The government has allocated Rs 2.18 billion for the education sector.
Finance Minister Swarnim Wagle, while presenting the budget for the upcoming fiscal year, said that the education sector has been given priority.
Govt to expand burn care capacity at Bir Hospital and Kirtipur Hospital
The government is set to expand the capacity of Bir Hospital and Kirtipur Hospital for intensive care of burns.
Finance Minister Dr Swarnim Wagle said so while presenting the budget for the fiscal year 2083/84.
