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Legislative and Empirical Analysis of Public Debt in Nepal

The paper titled “Legislative and empirical analysis of Public Debt in Nepal” attempt to analyze
the effects of domestic and foreign borrowing on the national economy of Nepal through
quantitative analyses. For this purpose, the paper conducts a time series regression analysis.by
constituting the domestic and foreign borrowing figures of last four decades to see the effects
of both types of borrowing on the economic growth pattern of Nepal.
The paper also analyzes the quality of the recently enacted or proposed laws that guide
arrangement and management of public borrowings in federalized governance system of Nepal.
For such purpose, the paper looks into Intergovernmental Fiscal Arrangement Act, 2019, Public
Debt Management bill, 2020 and Local Government Operation Act, 2017 that were proposed or
enacted after the promulgation of Constitution of Nepal in 2015.
Following the analysis of the public borrowing figures in relation to the national economy and
the current legal arrangements governing public debt management in Nepal, the paper
maintains certain conclusive remarks and provides recommendation that is believed to create
robust public debt scenario in Nepal conducive to the nation’s economic sustainability and
growth.

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