KATHMANDU : The International Finance Corporation (IFC), a member of the World Bank Group, has recommended a series of reform measures to the government to create an investment friendly environment by removing constraints for private sector development in the country.
The IFC has suggested that the government bring reforms in areas such as the entry and exit process in business, competition, finance, infrastructure and property rights, among others.
“Political instability continues to be an additional barrier for economic growth and investment promotion in the country,” states the reform memorandum prepared by the IFC. “Yet, the government can make many changes which don´t require legislative approval.”
The IFC´s recommendations include 57 measures in different sectors to create a better situation for doing business in the country.
The reform memorandum, discussed on Thursday by representatives of the private sector and government officials including experts, has outlined 30 short-term interventions from the government that could help create better investment climate.
Similarly, the memorandum has also suggested 27 medium and long-term changes to make the situation more conducive for business.
The reform recommendations were developed mainly based on Nepal´s low ranking in the global map in terms of different indicators such as Doing Business Index and Enterprises Survey, among others.