Minister for Finance Janardan Sharma has assured the parliament that the government will incorporate vital recommendations offered by lawmakers in regard to the Appropriation Bill.
In response to National Assembly (NA) members' feedback on the Appropriation Bill's priorities and principles on Thursday, the Finance Minister said national commitment was needed for nation building and support from of all was imperative for the same.
He was of the idea that country could be made prosperous in a short span of time by properly utilising Nepal's situatedness between the two giant neighbouring countries and for this national determination was a precondition.
Minister Sharma said COVID-19 impact, heavy damages on crops due to unseasonal flood and Russia-Ukraine conflict has impacted our economy.
Likewise, Finance Minister Sharma shared that price hike in petroleum products, iron goods and coal brought about challenges in Nepal's economy adding that otherwise Nepal would achieve more than 7 per cent of annual economic growth.
External forces led to increased inflation and export could not increase compared to the imports, leading to slow progress in economy, according to Sharma.
On the occasion, Minister Sharma said different measures have been applied to maintain balance of payment (BoP), improvement has been reported in remittance inflow and foreign exchange is sufficient to purchase goods and service for six and a half years.
Sharma shared that 77 per cent of the revenue target for the current fiscal year has been collected out of the target of Rs 1180 billion.
The next meeting of the NA is scheduled for 1:00 pm on May 23.
Source: National News Agency Nepal