Kathmandu, October 17

Former finance minister Madhukar SJB Rana, who was also an economist, passed away on Wednesday at the age of 78. Rana breathed his last while undergoing treatment at Nepal Mediciti Hospital.

Rana, who was the finance minister during the regime of former king Gyanendra Shah, was suffering from heart disease and had undergone by-pass surgery twice.

Born in 1941, Rana served as a professor at the Asian Institute of Management and was popular as ‘development economist’ at his time. Rana is survived by a wife and two sons.

“Saddened at the news of the demise of Madhukar Rana, a noted economist, who also served as finance minister. Wish his soul rest in peace and heartfelt condolence to the family,” tweeted former finance minister Ram Sharan Mahat.

Talking to The Himalayan Times, Mahat said that Rana was down-to-earth and cooperative in nature. “Rana had widely contributed in the academic and management sectors. His intellect and economic knowledge will be missed by the country,” he added.