Kathmandu. KATHMANDU: The Ministry of Finance has sought suggestions from stakeholders and the general public on the draft of the bill prepared to amend the Public Debt Management Act-2079.

The Ministry made public the draft of the draft through a public notice and urged the stakeholders to submit their recommendations within the stipulated time. According to the Ministry, the suggestions received would be incorporated as per the need and the bill would be finalized.

The draft has proposed clarifying the role of the Public Debt Management Office, providing legal basis to the government’s share and loan investment, making provisions for the issuance of government bonds in the domestic and foreign market and issuing bonds in foreign currency. Similarly, it has proposed to keep digital records of government bonds, issue thematic bonds and hedge to reduce the risk of exchange rate and interest rate.

The bill also clarifies the sectors and bodies in which the government can invest shares and loans and in which areas it cannot invest. It proposes to invest in public institutions with full or controlling ownership, national priority projects under public-private partnership and intergovernmental international bodies where Nepal is a member.

Likewise, government investment is prohibited in direct loan investment, production and sale of alcohol and tobacco products, casino, gambling house and foreign employment business.

The draft has also proposed to systematize the government loan recovery process, take action and penalize any person or institution submitting collusion or faulty details in the bidding process of bonds and make some provisions related to bonds based on electronic system.