Kathmandu, September 23
Finance Minister Dr Swarnim Wagle has said the government has given high priority to transparency, professional discipline and risk management in the operation of the Citizen Investment Trust.
Responding to questions raised during Wednesday’s meeting of the House of Representatives on the Citizen Investment Trust (Third Amendment) Bill, 2083, Wagle said the government valued the common concerns and relevant suggestions raised by lawmakers and claimed that the bill would further strengthen the fund.
Wagle said the Citizen Investment Trust is a sensitive institution linked to the future of Nepali citizens and needs to be updated in line with changing circumstances.
“Our national savings alone cannot fill the large investment gap, so mobilising both domestic and external sources is essential,” he said. “We will not interfere in these institutions as we do in private banks, but they are instruments for implementing the government’s financial and monetary policies.”
Summarising the issues raised by lawmakers into five key points, Wagle said the government was positive about expanding the scope of investment and carrying out institutional reforms.
Although some lawmakers claimed that domestic savings were sufficient, he pointed out that the country needed large-scale investment given its revenue and expenditure situation. He also said the concerns raised by lawmakers regarding risk management had been taken seriously.
Warning of the risk of “privatising profits and socialising losses,” Wagle said limits would be set on risky investments by public institutions and conflicts of interest would not be allowed.
He said government control and regulation of public institutions were necessary for implementing government policies and that the government would pay particular attention to making appointed officials accountable.
