Minister Paudel commits to give high importance to economic reforms

By A Staff Reporter,Kathmandu, May 14: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that he will give high importance to economic reforms in the coming days.

“We have started economic reforms for some time now. We are getting positive results from it. We will give high importance to economic reforms in the coming days as well,” DPM Paudel said in a discussion with development partners about the upcoming budget on Tuesday.

"The amendments to the law 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," he said.

Deputy Prime Minister Paudel assured the development partners that the upcoming budget will focus on encouraging the private sector, creating employment opportunities, increasing production and productivity and strengthening the national economy. 

Stating that the situation is not favourable in terms of ensuring resources, DPM Paudel said that while preparing the budget, he will focus on frugality, cost reduction, and allocating limited resources in a way that yields maximum returns. 

“Our focus will be on focusing foreign aid on Nepal’s needs and priorities, and on its proper and effective utilisation,” DPM Paudel said. “We have also paid attention to solving the problem of low capital expenditure and problems arising from it.” 

Expressing confidence that everyone will evaluate the upcoming budget as relevant after presenting it in Parliament, Deputy Prime Minister and Finance Minister Paudel expected continued support from friendly countries and development partners for Nepal’s development in coming days.

Finance Secretary Ghanshyam Upadhyaya said that the upcoming budget will prioritise economic discipline and increasing confidence in the private sector.

Dhaniram Sharma, Head of the International Economic Cooperation Coordination Division of the Ministry of Finance, said that Nepal’s economy is improving compared to last year and that economic indicators are currently positive.

Representatives of development partners made suggestions on revenue mobilisation, optimal utilisation of resources, realistic budget preparation and implementation, said the Ministry of Finance.

They made their commitment to provide further support to Nepal in the coming days.

Representatives from India, China, the United States of America, the UK, Japan, Korea, Australia, Norway, Germany, Finland, the European Union, the World Bank, the Asian Development Bank, the United Nations, the International Monetary Fund, and the World Health Organisation participated in the discussion.