Government to Launch "Remittance-Investment Matching Fund," Allocates Rs 3.63 Billion for Labour

Kathmandu — Finance Minister Dr. Swarnim Wagle has announced various plans and allocations for the labour and foreign employment sector through the budget.

Wagle said a "Remittance-Investment Matching Fund" will be operated to promote reverse migration and transform remittances from consumption to productive use. He said a Returnee Migrant Programme will be implemented to make good use of the knowledge, skills, and expertise of those returning from foreign employment.

The Finance Minister said youths will be made skilled by running various subject-specific short-term and workplace-based training programmes.

He said the labour agreements will be reviewed and additional agreements signed with new destination countries to make foreign employment safer and more dignified. He said the necessary budget has been allocated to rescue Nepali citizens stranded abroad and to arrange for the smooth repatriation of the bodies of workers who have died.

Wagle said arrangements will be made so that people go for foreign employment only after acquiring skills. By arranging collateral-free loans and payment from employers in instalments, foreign employment will be made dignified, transparent, and automated. He said the service fee will be made worker-friendly while promoting zero-cost foreign employment.

The Finance Minister said a lottery programme based on each receipt of remittance inflow will be run to further encourage remittances coming through formal channels.

He said the necessary programmes will be launched to provide nutritious food at subsidised rates to support the livelihood and basic health of workers in the informal sector.

The Finance Minister said a total of Rs 3.63 billion has been allocated for the labour and employment sector.