Finance Minister's priorities for upcoming fiscal year budget

Kathmandu, May 12: Minister for Finance, Dr Swarnim Wagle, has said that upcoming fiscal year's budget would be framed with a focus around the commitment paper presented by Rastriya Swatantra Party (RSP) during elections, pledge of governance reforms and the government's policies and programmes. 

In today's meeting of the Finance Committee of the Federal Parliament's House of Representatives, he assured that the government would come up with necessary arrangements for the same. Though resource management is formidable challenge for the execution of next year's budget. 

He asserted that the government would act tough to check revenue leakage. "The government would act ruthlessly to control smuggling that harms domestic production, while being flexible for the daily livelihood of the general public to the possible extent", he stated. 

The Finance Minister presented the fact that the regular obligations of the government alone amount to about Rs 13.3 trillion, with a shortfall of about Rs 7 trillion. 

Providing information that the Ministry of Finance had already set and sent budget 'ceilings' to the ministries, he clarified the Ministries would address matters that could be included through the concerned ministry. 

The Finance Minister stated that the government would immediately present the 'Alternative Financing Bill'.

He informed the Finance committee that the Ministry has so far completed more than 300 tasks – both small and large since he took charge at the Ministry of Finance. The principles and priorities of the budget would be presented at the parliament on May 14. 

He also vowed to include the suggestions provided by Members of Parliament (MPs) in the budget. 

Finance Minister Wagle clarified that the government would facilitate the purchase of daily necessities for ordinary citizens living along the border areas but would take strict action to control organized smuggling and revenue leakage. 

He informed that the provision of charging customs on goods valued over Rs 100 is not something the current government introduced but a policy that has been in place for decades, and that this provision is included in the current fiscal year's budget. 

He stated that the government has proposed a plan to make border security technology-friendly by using cameras, facial recognition devices, night vision equipment, and AI-based surveillance systems in border areas. 

Finance Minister Dr Wagle informed that the government has put forward a liberal policy towards the securities market for its development, while indicating the reality that some limited groups have been exploiting people's huge amounts through 'insider trading' by manipulating the capital market. 

Dr Wagle informed that a committee formed for the restructuring of the stock exchange has submitted a report, which will be gradually implemented. 

The Finance Minister stated that the Gen-Z movement had saved the country from moving towards the wrong direction.  (RSS)