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National Assembly deliberates on three reports

Posted on :22 November 2017

Finance Minister Reports on the Formulation of Stabilization Fund Rules and Regulations

As a follow up of the resolutions of the 9th Session of the Second Parliament, the Finance Minister submitted a report on the formulation of Rules and Regulations of the Stabilization Fund. The Stabilization fund would be established with a seed money of Nu.100 million from RGoB with the objective to “maintain macroeconomic stability by sterilizing lumpy inflow of from electricity exports and convertible currency related flows and mitigate imbalances in external sector, volatility in liquidity and support counter–cyclical measures in times of economic crisis for achieving desired level of economic growth”

 

The Finance Minister reported that, a committee comprising of representatives from Ministry of Finance, Royal Monetary Authority, Ministry of Economic Affairs, GNH Commission and DHI was formed and that the committee is still working on the formulation of the Rules and Regulations. The Committee is to submit a Royal Charter and Guidelines for the Stabilization Fund to the Cabinet by December 2017 and scheduled to be launched in February 2018.

 

Good Governance Committee Reports on the Feasibility of the Establishment of The Ombudsman’s Office

While reporting the findings of the study carried out on the feasibility of the establishment of the Ombudsman’s Office, the Chairperson of the Good Governance Committee said that the establishment of such an office would enable the Anti-Corruption Office to concentrate on its core mandate and ease the administrative burden of respective administrative agencies. The Committee also recommended that a small distinct unit within the ACC be established and later be detached as a separate independent office after having gained experience and stability. The Committee further recommended that RCSC provide additional manpower to ACC and RGoB provide budget for the establishment of the office.

 

As recommended by the Committee, the House decided that, a unit under the ACC be instituted with provision of additional man power from RCSC and budgetary support from the government and after having gained enough experience