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About Ministry of Finance (MOF)

The Constitution of the Kingdom of Nepal, 1990 provides the bases for conducting business of His Majesty's Government of Nepal. The Article 41, Clause 1 and 2 of the Constitution of the Kingdom of Nepal, 1990 reads;
  1. The allocation and transaction of business of His Majesty's Government shall be carried out as set forth in rules approved by His Majesty.

  2. No question shall be raised in any court as to whether or not rules made pursuant to Clause(1) above have been observed.
Accordingly, His Majesty's the King has enacted His Majesty's Government (Business) Rules, 1990.

The Central Secretariat of His Majesty's Government of Nepal, as provided in His Majesty's Government (Business) Rule, 1990, is composed of 23 Ministries. They are;
  1. Cabinet Secretariat
  2. Prime Minister's Office
  3. Ministry of Finance
  4. Ministry of Industry, Commerce and Supplies
  5. Ministry of Law, Justice and Parliamentary Affairs
  6. Ministry of Agriculture and Co-operatives
  7. Ministry of Home
  8. Ministry of Population and Environment
  9. Ministry of Water Resources
  10. Ministry of Foreign Affairs
  11. Ministry of Land Reform and Management
  12. Ministry of Physical Planning and Works
  13. Ministry of Women, Children and Social Welfare
  14. Ministry of Defense
  15. Ministry of Forest and Soil Conservation
  16. Ministry of Science and Technology
  17. Ministry of Education and Sports
  18. Ministry of Labor and Transport Management
  19. Ministry of General Administration
  20. Ministry of Information and Communication
  21. Ministry of Culture, Tourism and Civil Aviation
  22. Ministry of Local Development
  23. Ministry of Health
Ministry of Finance

In 1963, His Majesty's Government of Nepal established the Ministry of Economic and Planning(MEP). In addition to formulation of periodic plans, the MEP was given the responsibility of handling economic affairs of the country. The MEP was also charged with the responsibility of negotiating and concluding agreements with donors eventhough any formal procedures and mechanism to mobilize foreign aid in a coordinated manner were missing.

In 1968, the MEP was dissolved and a separate National Planning Commission (NPC), and the Ministry of Finance (MOF) was established. Since then, MOF has been responsible for all economic and financial affairs of the country.

The MOF is the central authority of His Majesty's Government of Nepal charged with the responsibilities for maintaining both micro and macro economic stability in the country. Moreover, the key role of the Ministry lies with the more rationale allocation of resources; better management of public expenditure; enhanced mobilization of both internal and external resources; greater performance in public investments and strengthening of public enterprises productive capacity; open and simple foreign exchange policies and regulation, and prudent fiscal and monetary policies.

Finance Minister remains at the Apex in the Ministry, whereas, bureaucratically it is headed by Finance Secretary. For practical purposes, the Ministry is further divided into various organization - Divisions and Departments.

The Divisions are located within the Ministry and manned by the Joint Secretaries, Under Secretaries, Section Officers and other supporting staffs.
  1. Revenue Advisory Committee
    2.
  2. Foreign Aid Co-ordination Division
    3.
  3. Budget and Programme Division
  4. Corporation Co-ordination and Privatisation Division
    5.
  5. Revenue Administration Division
  6. Economic Affairs and Policy Analysis Division
    7.
  7. Administrative Division
    8.
  8. Legal Division
    9.
  9. Monitoring and Evaluation Division
    10.
Similarly, there are five departments;
  1. Office of the Financial Comptroller General
  2. Department of Customs
  3. Inland Revenue Department
  4. Department of Revenue Investigation
  5. Revenue Administration Training Center
Office of the Financial Comptroller General is headed by a Special Class Level Officer and has its network in all 75 districts, whereas the Departments are headed by First Class Level Officer.

Also, a member of Agencies, Boards, Banks and the financial institution are overseen by the Ministry of Finance. They include;
  • Nepal Rastra Bank (Central Bank)
  • Securities Board
  • Agriculture Development Bank
  • Rastriya Banijya Bank
  • Deposit Insurance and Credit Guarantee Corporation
  • Stock Exchange Center
  • Citizen Investment Trust
  • Employees Provident Fund
  • Nepal Insurance Corporation
  • Bima Samittee
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