Kathmandu. Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has said that the government is taking the country’s overall economic reform forward with high priority.
In a discussion with development partners on the budget for the upcoming fiscal year at the Ministry of Finance today, he said that the process of economic reform has begun and will be taken forward more effectively in the future.
‘We have been pursuing economic reform for some time. We are getting positive results from it. We will give high importance to economic reform programs in the future as well,’ he said. ‘The amendments to the laws made through the ordinance, the suggestions given by the High-Level Economic Reforms Advisory Commission, and various policies and decisions are important aspects of policy reforms.’
Finance Minister Poudel informed that the upcoming budget will focus on encouraging the private sector, creating employment opportunities, increasing production and productivity, and strengthening the national economy.
Noting that the situation is not favorable in terms of ensuring resources, Finance Minister Poudel said that while preparing the budget, he will focus on frugality, cost reduction, and allocating limited resources in a way that yields maximum returns.
‘Foreign aid should be prioritized based on Nepal’s needs and priorities Our focus will be on focusing on the budget, its correct and effective utilization. We have also paid attention to solving the problem of capital expenditure and the lack of that expenditure,’ said Finance Minister Poudel.
Expressing confidence that everyone will evaluate the upcoming budget as relevant after it is presented in Parliament, the Finance Minister said that the government expects continued support from friendly countries and development partners in the development of the country. Finance Secretary Ghanshyam Upadhyay said that the next year’s budget will prioritize economic discipline and increasing confidence in the private sector.
Dhaniram Sharma, Head of the International Economic Assistance Coordination Division of the Ministry of Finance, said that the economy has improved in the current fiscal year compared to the previous year.
The country’s development partners and their representatives made suggestions on revenue mobilization, optimal utilization of resources, realistic budget preparation and implementation, and expressed their commitment to continue providing assistance to Nepal in the future.
In the discussion, India, China, the US, the UK, Japan, Korea, Australia, Norway, Germany, Finland, the European Union, the World Bank, the Asian Development Bank, the United Nations, Development partners including the International Monetary Fund and the World Health Organization participated.
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