Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that Nepal has made significant progress in implementing action plans for the Sustainable Development Goals (SDGs).

He made this statement while addressing the opening ceremony of the high-level regional consultation meeting on financing for development in Asia and the Pacific in Bangkok on Tuesday.

Minister Paudel acknowledged that despite limited resources, global collective efforts are underway to advance SDGs. He emphasised that financial sustainability and efficient budget planning, effective project implementation, and robust management of public spending remain key challenges for developing nations.

He also pointed out that many developing countries struggle to improve their revenue mobilisation capacity and stressed the need to strengthen tax administration, particularly by including new digital economic models into the tax net.

Paudel highlighted the importance of having a clear and effective domestic revenue strategy to ensure successful implementation. Furthermore, he noted the growing global economic and social uncertainties, geopolitical challenges, rising public debt, and increasing economic inequality, all of which require collective action to address.

The finance minister stressed the importance of encouraging private sector investment, asserting that many developing countries have failed to attract significant foreign investment due to weak regulatory frameworks, inadequate public service delivery, and an unfavourable business environment.

In addressing public debt management, Paudel recommended that public borrowing should be utilised only for productive and high-return sectors. He also raised concerns about the risks of climate change, particularly for countries like Nepal with mountainous terrain, and called for the judicious management of climate finance based on risk analysis.