Investment Board Nepal's New CEO Yet to Assume Office Two Weeks Post-Appointment

The Investment Board Nepal (IBN), a pivotal institution for attracting and facilitating significant investments in the country, is currently navigating an unusual delay in its leadership transition. Ms. Yangki Ukya, who was appointed as the Chief Executive Officer (CEO) by the Council of Ministers approximately two weeks ago, has yet to formally assume her duties, raising questions regarding the procedural aspects of high-level government appointments.

According to sources within the IBN, the official appointment letter for the newly designated CEO has not yet reached the Board's office. This administrative lag appears to be the primary reason for Ms. Ukya's delayed assumption of office. A visit to the official IBN website (ibn.gov.np) further corroborates this, as the section designated for the Chief Executive Officer's name and photograph remains conspicuously blank, even as other officials, including Prime Minister Balendra Shah as the Board's Chairman, are duly listed. Ms. Sunita Nepal, the spokesperson for the IBN, confirmed this ongoing situation, stating, "The appointment letter has not yet arrived at the Board." An IBN official elaborated that Ms. Ukya herself has not presented the appointment letter to the Board, awaiting the formal communication from the Prime Minister and Council of Ministers' Office.

This delay, while seemingly procedural, has drawn attention given the critical role of the IBN in Nepal's economic development. The Board is mandated to promote and facilitate both domestic and foreign investments, particularly in large-scale projects that are vital for infrastructure development, job creation, and overall economic growth. A prolonged leadership vacuum or uncertainty could potentially impact ongoing negotiations, project approvals, and investor confidence, although officials are quick to downplay such concerns.

In response to the growing queries, a joint secretary from the Prime Minister and Council of Ministers' Office clarified that contact with the newly appointed CEO was established only a few days prior. The official assured that the process for Ms. Ukya to assume her duties would commence shortly. He emphasized that it is not uncommon for an appointee to take some time before formally taking charge, and therefore, it would be premature to conclude that the appointment is not being implemented. "The appointed individual came into contact just two days ago. The process of assuming office will proceed swiftly now," the joint secretary stated. He further added that appointees are typically granted a specific timeframe, up to 30 days, to assume their positions, and the current situation falls within this standard operational window. Attempts to reach Ms. Ukya for her comments on the matter were unsuccessful.

Ms. Ukya's appointment followed an open competition initiated after the tenure of the former CEO, Mr. Sushil Bhatt, concluded. The government had invited applications, from which eight candidates were shortlisted. This was followed by a rigorous process involving professional work plan presentations and interviews. A recommendation committee, chaired by the Finance Minister, ultimately put forward three names to the Cabinet for the CEO position: Ms. Yangki Ukya, Mr. Bhishma Raj Paudel, and the outgoing CEO, Mr. Sushil Bhatt. The Council of Ministers subsequently selected Ms. Ukya for the coveted role.

Ms. Ukya brings a wealth of experience in development economics and public policy to her new role. She holds a Master's degree in Development Economics from the University of Missouri, USA, and has previously served at the Investment Board for approximately six years. Following her initial tenure at IBN, she pursued further studies, earning a Master's in Public Policy from the prestigious University of Oxford in the UK. Her career further includes significant international experience, having worked as a senior advisor for the United Nations Development Programme (UNDP) in various countries, including Cambodia. Her background and prior experience at IBN were key factors in her selection to lead the Board.

While the Prime Minister's Office maintains that the process is on track and within the stipulated timeframe, the delay in the formal receipt of the appointment letter, Ms. Ukya's non-assumption of office, and the un-updated IBN website have inevitably sparked discussions. However, it is crucial to note that, as per the original news report, no conclusion has been drawn that Ms. Ukya has rejected the responsibility or that the appointment is embroiled in controversy. The situation appears to be an administrative delay that is expected to be resolved soon, allowing the Investment Board Nepal to continue its vital work under new leadership.