Nepal's House of Representatives passes bill to raise public debt

Nepal's House of Representatives has passed the Bill to Raise Public Debt- 2083, a move aimed at securing funds for national development. The session on June 28 unanimously endorsed a proposal presented by Finance Minister Dr. Swarnim Wagle.

During the clause-wise deliberation, Dr. Wagle addressed concerns raised by lawmakers, pledging that the collected debt would be allocated to productive projects. He specifically highlighted the importance of infrastructure development, stating, "Foreign debts are specially meant for the development of infrastructure projects." He also pointed to the need for monitoring projects like the international airports developed with foreign loans, noting their varied outcomes.

Before the final decision, Speaker Dol Prasad Aryal presented the bill for endorsement. Several amendment proposals were considered; those from lawmakers Parashuram Tamang and Rekha Kumari Yadav were rejected by the meeting, while Hari Prasad Bhusal withdrew his proposal. The House of Representatives was scheduled to reconvene shortly after.

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Foreign debts are specially meant for the development of infrastructure projects. Such projects play roles in streamlining activities and achieving other positive results. However, the situation of the two international airports developed with such loans has resulted in different statuses. We must monitor them.