Ministry of Finance
The Government of Nepal established the Ministry of Economics and Planning (MEP) in the year 1963. The MEP was given the responsibility of handling economic affairs of the country in addition to formulating the periodic plans. It also had the responsibility of negotiating and concluding agreements with donors, even though any formal procedures and mechanism to mobilize foreign aid in a coordinated manner were missing. Hence, the MEP was dissolved and a separate National Planning Commission (NPC) and the Ministry of Finance (MOF) were established in 1968. The MOF has been responsible for all economic and financial affairs of the country since then.
It is the central authority if the Government of Nepal responsible for maintaining both, micro and macroeconomic stability in the country. Moreover, it is also responsible for the rational 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 Secretary heads the Ministry, bureaucratically, however, Finance Minister is at the top.
The Ministry is further divided into various organization, divisions and departments for practical purposes. The divisions are managed by the Joint Secretaries, Under Secretaries, Section Officers and other supporting staffs.
Revenue Advisory Committee, Foreign Aid Co-ordination Division, Budget and Program Division, Corporation Coordination and Privatization Division, Revenue Administration Division, Economic Affairs and Policy Analysis Division, Administrative Division, Legal Division and Monitoring and Evaluation Division are the sub divisions of the Ministry. Similarly, there are other six departments which are, Office of the Financial Comptroller General, Department of Customs, Inland Revenue Department, Department of Revenue Investigation, Revenue Administration Training Center and the Department of Money Laundering Investigation. The office of the Financial Comptroller General is headed by a Special Class Level Officer and has its network in all 75 districts while the Departments are headed by First Class Level Officer. Moreover, it also oversees numbers of agencies, boards, banks and the financial institutions like Nepal Rastra Bank (Central Bank of Nepal), Securities Board, Agricultural Development Bank, Rastriya Banijya Bank, Deposit Insurance and Credit Guarantee Corporation, Stock Exchange Center, Citizen Investment Trust, Employees Provident Fund, Nepal Insurance Corporation and Bima Samittee.