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 development partners regarding the upcoming budget at his office today, DPM Paudel stated that the government had already initiated the economic reform bid and vowed that it will be further made more effective in the future.
According to National News Agency Nepal, DPM Paudel emphasized the implementation of economic reforms and acknowledged the positive results observed so far. He outlined the key components driving the reform, such as legislative amendments through ordinance, recommendations by the high-level economic reform suggestions commission, and various policy decisions. Paudel highlighted that the upcoming annual budget would focus on encouraging the private sector, creating jobs, and boosting domestic production to strengthen the national economy.
Admitting that the current resource situation for the budget is challenging, Paudel informed that the government will emphasize austerity, reduce unnecessary spending, and leverage limited available resources for high returns. He stressed the importance of aligning foreign aid with the country’s needs and priorities while addressing issues of low capital expenditure. The Finance Minister expressed expectations for continued support from neighboring countries and development partners for Nepal’s developmental efforts.
Ghanashyam Upadhyay, Secretary at the Ministry of Finance, pledged to prioritize fiscal discipline and boost the private sector’s morale in the upcoming budget. Dhaniram Sharma, Chief of the International Economic Assistance Coordination Division, noted improvements in the economy compared to the previous fiscal year.
Participants in the discussion included representatives from several countries and international organizations, including 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. They provided suggestions on revenue mobilization, resource utilization, budget formulation, and implementation, reaffirming their commitment to support Nepal’s development.