Emphasis on effective implementation of budget for self-reliant economy

KATHMANDU: Participants in an interaction programme emphasized the effective implementation of budget for the fiscal year 2022/23 for building a self-reliant economy. The programme titled 'Post-budget Discuaaion for FY 2079/80' was organised in Kathmandu on Wednesday in collaboration with the Confederation of Banks and Financial Institutions Nepal (CBFIN) and the Ministry of Finance focusing on the budget presented for the fiscal year 2022/23 and its issues. Finance Minister Janardan Sharma was the chief guest at the programme to discuss the implementation of policies, plans and programmes included in the budget. About 120 participants including senior advisor to Finance Ministry, Surendra Uprety, Finance Secretary Madhu Kumar Marasini, senior economist, professor, CBFIN President Pawan Kumar Golyan, Senior Vice President Bhoj Bahadur Shah, Vice President Rajesh Upadhyay, chairpersons and directors of various banks and financial institutions (BFIs) and mediapersons were present at the interaction programme. The keynote speaker of the programme was senior economist and president of Nepal Economic Association, Bishwambhar Pyakurel presented a working paper on the budget. He said that although the budget was positive overall, there will be difficulties in achieving the revenue target, adding that inflation and public debt could increase further. "Debt has risen from 36% to 44.5%, but a study of World Bank reports shows that there is no need to be afraid until such debt reaches 77%." "If it exceeds this, the risk level will increase at a higher rate, so special attention should be paid," he said. Economist Poshraj Pandey said that the budget came with positive thinking and clear intentions even though the budget seemed to raise policy direction and hope. likewise, senior economist Govinda Nepal said that the budget was inclusive and transformative and that in-depth study was needed for the implementation of various programmes and projects. CBFIN President Golyan said the budget came with a positive focus on agriculture, production, employment, import substitution and building a self-reliant economy, but did not come up with a concrete plan to address the liquidity crunch. He expressed his doubt whether some of the provisions of tax exemptions would promote import rather than export. On the occasion, Finance Secretary Marasini said that the budget has been brought within the statistical limits by studying the series of budgets of the last four to five years despite some pressure on the economy. He said, "As the budget is also a political and economic document, it also carries some ambitions, but our dream will come true if we are committed to implementing the issues directed by the budget in our country which is rich in natural resources and has immense potential." Similarly, senior advisor of the Ministry Uprety said that the budget has been prepared in such a way that it addresses the needs of all sectors, general public and all stakeholders. He said, "Since the budget has empowered the provincial and local bodies with large financial transfers, the budget will be implemented effectively." Speaking on the occasion, Chief Guest Minister Sharma said the budget has been brought in a way that everyone could own it. "The budget has been prepared on the basis of suggestions, needs, expectations and recommendations of the stakeholders after discussions and interactions with all the stakeholders before formulating the budget," he said. He urged all parties to support the country towards building a self-reliant and socialism-oriented strong economy by assisting in the implementation of the budget. READ ALSO: 

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