Finance Minister Paudel: Economic reform is our top priority

Kathmandu: Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel asserted that the government is taking forward the economic reform with high priority.

At a discussion with the development partners regarding the upcoming budget at his office on Tuesday, Minister Paudel said that the government already initiated the economic reform bid and vowed that it will be further made more effective in the future.

‘We have been implementing economic reforms for some time now and have witnessed positive results as well. We will accord high priority to the economic reform bid in future’ said Minister Paudel.

He acknowledged the important aspects driving the economic reform, such as amendments in legislation through ordinance, recommendations furnished by high-level economic reform suggestions commission and various policy decisions.

Minister Paudel said the upcoming annual budget would primarily focus on encouraging the private sector, create job, boost domestic production thereby further strengthening national economy. Admitting that the situation regarding ensuring resources for the budget was not favorable, he informed that emphasis would be laid on austerity, reduction of unnecessary spending and leveraging limited available resources to ensure high returns/results.

The government underscores prudent utilization of the foreign aid aligning it with the country’s need and priorities as well as solving the issues of low capital expenditure.

Finance Minister Paudel expressed the government of Nepal expects continued support from its neighbouring countries and development partners for the country’s developmental bid. Likewise, Ghanashyam Upadhyay, Secretary at the Ministry of Finance, pledged to prioritize maintaining fiscal discipline and boosting the morale of private sector in the upcoming budget.

Similarly, Dhaniram Sharma, Chief of the International Economic Assistance Coordination Division under the Ministry, noted that the economy was improving this fiscal year compared to the last year’s. Participants in the discussion were representatives from China, India, the USA, the UK, Japan, South Korea, Australia, Norway, Germany, Finland, European Union, World Bank, Asian Development Bank, International Monetary Fund and the United States among others.

During the discussion, they offered suggestions on mobilization of revenue, optimal utilization of resources, realistic budget formulation and effective implementation among others. They also reaffirmed their commitment for continued support to Nepal’s development in the future.

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