FY 2024/25 Budget: High-level taskforce for structural reforms of economy

KATHMANDU:  The government has outlined five strategies and five priorities for the budget, as well as five strategies for economic reforms in the upcoming fiscal years.

According to the budget estimates for the forthcoming fiscal year 2024/25, presented by Finance Minister Barsha Man Pun before a joint session of the Federal Parliament today, the five objectives of the budget for the new fiscal year have been identified as increasing production, productivity, and employment, securing investment and growth, accelerating economic activities by boosting the morale of the private sector, achieving human resource development, alleviating economic disparities and poverty through the balanced and just mobilisation of resources, and increasing the effectiveness of public service delivery.

Similarly, the five priorities of the government for the upcoming fiscal year are cited as economic reforms and the encouragement of the private sector, construction of industrial infrastructure such as agriculture, energy, information technology, development of social sectors like education and health, promotion of inclusion, social security, and good governance, and the enhancement of the public service system.

The five strategies for economic reforms are mentioned as structural reforms, improvement in the business environment, reforms in the public finance system, financial sector reforms, and reforms in public administration.

The budget announcement includes the formation of a high-level task force to provide submissions to the government for structural reforms of the economy.

Likewise, the government pledges to enact favourable policies, complete the country rating, and eliminate dual taxation to promote a business-friendly environment in the country.