Finance Minister Swarnim Wagle announced that the government plans to introduce 27 new laws this fiscal year to drive economic reforms. He made the announcement on Friday during a workshop for the Nepal Infrastructure Summit 2026.
Wagle stated that these new laws are intended to support budget improvements and overall economic betterment. He also mentioned that upon assuming office, he moved to repeal 15 outdated acts within half an hour.
The push for legal reforms comes amid a mixed economic outlook. Nepal Rastra Bank, the central bank, reported a satisfactory overall economic and financial situation for the first six months of the fiscal year 2081/82.
According to the central bank’s report, foreign exchange reserves reached USD 16.84 billion. Remittance inflows increased by 4.1 percent in Nepali rupees and 1.1 percent in US dollars. The balance of payments recorded a surplus of Rs 249.26 billion. Imports grew by 7.1 percent, and exports by 31.8 percent.
However, there is a discrepancy in inflation figures. One report from Nepal Rastra Bank stated that consumer price index-based inflation was limited to 2.42 percent by the end of Poush 2082 (BS), while another report indicated 5.41 percent for the same period.
The initiative to repeal old laws aligns with recommendations made by a high-level economic reform advisory commission. On April 11, 2025 (Chaitra 29, 2081 BS), the commission had advised then-Finance Minister Bishnu Prasad Paudel to abolish 15 irrelevant acts to foster a better business environment and streamline government services.
Nepal’s economic and political challenges are often attributed to distorted incentive structures that promote policy corruption, rent-seeking, and crony capitalism, thereby discouraging entrepreneurship and competition.
In a related legislative development, the government registered the ‘Bill to Amend and Integrate Laws Related to the Formation, Operation, and Service Conditions of the Federal Civil Service’ with the Federal Parliament Secretariat on Friday, October 2, 2026.
The lawmaking process in Nepal typically begins with the executive branch, involving concept development, drafting, legal ministry consultation, cabinet approval, parliamentary presentation, debate, amendment, and eventual passage by both houses, followed by presidential authentication.
The 27 new laws announced by the Finance Minister are expected to be introduced within the current fiscal year. The process will involve relevant ministries preparing draft bills, consulting with the Ministry of Law, obtaining cabinet approval, and then presenting them to parliament.
The specific details, such as the names or targeted areas of these 27 new laws, have not yet been publicly disclosed. Similarly, a clear list of the 15 old acts repealed by Finance Minister Wagle upon taking office is not available. Further clarification is also needed regarding the differing inflation figures for the first six months of fiscal year 2081/82.
