Financial Literacy to Members of Parliament

Location: Federal Parliament Secretariat, Sinha durbar, Kathmandu

Duration: 1 days

Targeted Groups: Members of Parliament

Description

Financial literacy enables individuals to plan for the future and build a secure financial foundation. Whether it's saving for education, homeownership, retirement, or emergencies, financial literacy equips individuals with the tools and strategies needed to set and achieve their long-term financial goals. By fostering a culture of saving and financial planning, financial literacy contributes to greater financial stability and resilience. Nepal has a significant portion of its population who are unbanked or underbanked, lacking access to basic financial services. Financial literacy initiatives can promote financial inclusion by raising awareness about the benefits of banking, encouraging savings behavior, and facilitating access to financial products tailored to the needs of underserved populations. This can help empower marginalized communities and promote inclusive economic growth. Moreover, Financial literacy is not just a personal skill; it is a catalyst for individual empowerment, economic development, and social progress in Nepal. By investing in financial education initiatives and promoting widespread financial literacy, Nepal can unlock the potential of its people and build a more prosperous and equitable society. In coordination with Federal Parliament Secretariat, Nepal The Secretariat of the Federal Parliament is an administrative body, and for the purpose of its management, there is a Management and Administration Committee of the Secretariat of the Federal Parliament established by the Federal Parliament Secretariat Act, 2064 (2008). Bifcap Nepal Private Limited is grateful to coordinate with the Federal Parliament Secretariat, Nepal to conduct a ‘Financial Literacy’ session to its government officers and professionals.

Objectives

The objectives of the Financial Literacy for Members of Parliament program are to enhance financial understanding, educate on the budgetary process, equip with practical tools, raise ethical awareness, and empower contribution to debates, ultimately strengthening the capacity of MPs to fulfill their legislative duties and serve the public interest effectively. Here are some of the major objectives of the program:
Enhance Financial Understanding: The primary objective of the Financial Literacy for Members of Parliament program is to enhance MPs' comprehension of fundamental financial concepts and terminology. By providing a solid foundation in financial literacy, the program aims to empower MPs to navigate complex fiscal matters with confidence and proficiency.
Educate on Budgetary Process: Another key objective is to educate MPs about the intricacies of the budgetary process and their crucial role in fiscal policy oversight. By gaining a deeper understanding of budget formulation, allocation, and monitoring, MPs can fulfill their responsibilities more effectively and contribute meaningfully to the development and scrutiny of fiscal policies.
Equip with Practical Tools: The program seeks to equip MPs with practical budget management tools and techniques. Through hands-on training and interactive sessions, participants will learn how to prepare, monitor, and evaluate budgets, enabling them to make informed financial decisions and allocate resources efficiently for the benefit of their constituents.
Raise Ethical Awareness: An essential objective is to raise awareness about ethical considerations in financial decision-making. By addressing issues of transparency, integrity, and accountability, the program aims to foster a culture of ethical conduct among MPs, ensuring that financial decisions are made with the highest standards of integrity and public trust.
Empower Contribution to Debates: Finally, the program aims to empower MPs to actively contribute to financial debates within Parliament. By enhancing their ability to analyze financial proposals, engage in constructive debates, and advocate for the interests of their constituents, MPs will play a more influential role in shaping fiscal policies that align with the needs and priorities of the people they represent.

Programs

Message form Facilitators
Dr. Chiranjibi Nepal
Former Governer Nepal Rastra Bank
Facilitating the financial literacy session to the Members of Parliament, as a trainer has been a delightful experience for me. All the delegates showed great enthuasim and interaction. I extend my heartfelt gratitude for BIFCap Nepal Private Limited for organizing such events. I am equally thankful for the Federal Parliament Secretariat for their support as it was wonderful to observe the eagerness to learn despite their busy schedule.
Bhuwan Kumar Dahal
Former President of Nepal Bankers Association
Former CEO of Sanima Bank Limited
It has been an immensely rewarding experience to facilitate the financial literacy session for the Members of Parliament. The enthusiasm and active participation displayed by all the delegates were truly inspiring. I would like to express my sincere appreciation to BIFCap Nepal Private Limited for organizing such a meaningful event. Additionally, I am grateful to the Federal Parliament Secretariat for their invaluable support, which made it possible to witness such a strong commitment to learning, even amidst their demanding schedules.
Customized Curriculum Development: A specialized curriculum was developed, tailored to meet the specific financial literacy needs of the Members of Parliament. The curriculum covered key areas such as budgeting, financial planning, risk management, and economic policy-making.
Interactive Training Sessions: The program was facilitated by experienced trainers who employed interactive methods to engage participants. These sessions included workshops, case studies, group discussions, and hands-on activities that fostered an environment of active learning.
Provincial Reach: A total of seven programs were conducted, one in each province, ensuring that MPs from all regions had the opportunity to participate. These sessions were held at the respective provincial parliament headquarters, making the training accessible and convenient for the participants.
Decentralized Implementation: By holding separate programs in each province, the initiative effectively catered to the geographical spread and diverse needs of MPs across Nepal. This decentralized approach allowed for a more targeted and relevant delivery of content, tailored to the specific economic and financial contexts of each region.

Impacts

Enhanced Financial Literacy: MPs who participated in the program reported a significant improvement in their understanding of financial concepts, which will help them make more informed decisions in their legislative roles.
Increased Participation: The decentralized model encouraged widespread participation, with a high attendance rate across all provinces. This broad engagement underscores the program's success in reaching its target audience.
Policy Influence: The knowledge gained through this program is expected to influence future legislative decisions, promoting more robust financial policies that align with the country's economic goals.

Program Summary

The Financial Literacy for Members of Parliament (MPs) program has been successfully implemented across Nepal, achieving significant milestones in empowering the nation's lawmakers with essential financial knowledge. This initiative was designed with a multifaceted approach to address the diverse needs of MPs from different provinces, ensuring that they are better equipped to make informed decisions on financial matters both personally and professionally.