The government has unveiled a strategic plan to develop Nepal as a regional technology hub with high priority in the areas of Artificial Intelligence (AI), clean energy, digital infrastructure and financial sector reforms in the budget for the upcoming fiscal year.TAG_OPEN_div_43
Presenting the budget for the coming fiscal year in the joint meeting of the federal parliament today, Finance Minister Dr Swarnim Wagle said that the government has adopted a policy of utilizing the climate fund to the maximum extent by issuing ‘Clean Energy Bonds’ and ‘Diaspora Bonds’.TAG_OPEN_div_41
Finance Minister Wagle announced that hedging service will be provided from the next fiscal year to reduce the exchange risk of schemes operated on foreign loan or investment.TAG_OPEN_div_37
The budget has stated that special initiatives will be taken to remove Nepal from the ‘grey list’ related to money laundering and to create a conducive economic environment for the improvement of the sovereign credit rating.TAG_OPEN_div_35
Under the reform of public corporations, the government capital will be increased in the Rastriya Banijya Bank and a plan to transform the Nepal Airlines Corporation into a company and take it to the model of strategic partnership.TAG_OPEN_div_33
Similarly, the government has retained 66 percent of its stake in Nepal Telecom and the remaining shares will be sold to the general public by mid-January.TAG_OPEN_div_31 The money so collected will be used to develop Nepal as a ‘tech hub’.
{{TAG_OPEN_div_29} Foreign investment will be opened for the expansion of the information technology sector and a clear legal provision will be made to allow foreign employers to work remotely while staying in Nepal. Arrangements will be made to purchase information technology-related software used in government bodies through a single agency in an integrated manner.
Under the Digital TAG_OPEN_div_27 Public Infrastructure Development, the government plans to establish a ‘Fintech Marketplace’ under the supervision of Nepal Rastra Bank and add dozens of government services to the Nagarik App.
The budget also announced the establishment of the country’s first sovereign AI computer center in Kathmandu.TAG_OPEN_div_25 Similarly, thousands of AI processing units will be purchased to provide low-cost computing capabilities to AI entrepreneurs and startups.
At least TAG_OPEN_div_23 15 internationally renowned Nepali researchers in the field of AI will be invited to return to Nepal through prestigious fellowships to contribute to the project. Academic development of AI-related subjects including mathematics has also been given high priority.
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