Government spells out plans in budget statement to stimulate economy

Kathmandu, May 30: The government has set a goal to invest various meaningful efforts to energize the country's economy.

These initiatives are outlined in the budget for the upcoming fiscal year that Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel presented in the joint meeting of both houses of the federal parliament on Thursday.

It is stated in the budget statement that removing the country from the risk of being included in the grey list related to money laundering is an important agenda for the government to enhance the credibility of the economy.

The Finance Minister also mentioned plans to advance further economic reform programmes to achieve a higher rating by utilizing the encouraging results obtained from the first sovereign credit rating for external capital mobilization.

Public investment will be focused on productive areas, attracting private capital and technology, aiming for a qualitative increase in economic activities in the context of the private sector being encouraged by reforms made to the laws through ordinances to boost morale and create an investment-friendly environment.

The goal is to establish the private sector as a key driver of economic prosperity by making further policy, legal, and procedural reforms in areas that contribute significantly to economic growth, while gradually implementing the recommendations of the High-Level Economic Reform Recommendation Commission, 2081 BS.

The government has a plan of diversifying sources, professionalize revenue administration commercial and strengthen revenue system to address possible shortfall of investment after upgrading to developing country in 2026 as well as to achieve sustainable development goals by 2030.

The public debt would be mobilized in high-yielding areas as well as high importance would be given for the implementation of prioritized and result-oriented projects. Similarly, the government has also plan of utilizing innovative and possible instruments of alternative finance in order to bridge the gap of development finance. 

The budget has incorporated a plan of laying emphasis on trade balance through increasing export of competitive goods and service as well as promotion of consumable goods, attracting the skilled and specialized Nepalis, who are in foreign employment, to become entrepreneur and self-employed in the country and giving high-priority to create youth-targeted employment promoting innovation and entrepreneurship. 

"The government is firmly devoted to gain more results on the foundation of positive outcome achieved after formation of the incumbent government, to bring positive change in people's life, to raise hope among the general people," shared Finance Minister Paudel.  (RSS)