June 30, 2022, Thursday
Nepal 1:37:26 pm

Budget for next fiscal year to focus on economic revival, growth

The Nepal Weekly
May 10, 2022

The government is preparing the budget for the Fiscal Year 2022/23, keeping the revival of the country’s economy badly dented by the COVID-19 pandemic at focal pooint through production and productivity growth.

The Ministry of Finance is in the process of preparing the budget giving main priority to maximum utilization of water, land, forest, mine, natural resources and agriculture, export promotion management and substitution, expansion of quality tourism services and the development of electric energy, for the balanced economic development. 

An official at the Budget Division of the Ministry said that the priorities of the forthcoming budget include bringing programmes supporting the country’s graduation from the situation of absolute and multi-dimensional poverty into a medium income level country, the government’s policy and programme, the common minimum programme of the incumbent government, strengthening of education and health sectors, and construction of physical infrastructure, among others.

According to the Finance Ministry official the budget is being prepared based on the development projects conceived in the 15th plan, continuation of the development projects brought to achieve the sustainable development goals and the directives issued by the parliamentary committee, the government’s commitment and the views and guidelines expressed from time to time by the head-of state and the head of the government.

“The national goals for the socioeconomic progress of the country, international commitments, expansion of access to capital and skills, building qualitative human capital, income growth, increase in competitive capacity and minimizing the economic risks are the priority areas of the next budget,” the official said, informing about the programmes aimed at giving an impetus to the economy.

The other topics to be prioritized in the new budget are intensive public-private partnership, making the tax system investment and business-friendly so as to support the economic expansion, making the tax system simplified through timely reforms in the tax structure and rate, emphasis on mobilization of foreign aid as per the commitment and utilizing the international development assistance in enhancing production, productivity and employment generation by tying it with the national budget system on the basis of national need, policy and priority. The budget will also include provisions for strict abidance of economic discipline.