Budget for FY2024/25 brought in a realistic manner: Finance Minister Pun

KATHMANDU: Finance Minister Barsha Man Pun has stated that the budget unveiled by the government for the upcoming fiscal year 2024/25 has received positive feedback.

At an event organised by the Nepal Association of Financial Journalists (NAFIJ) in Kathmandu today to discuss the budget for the upcoming fiscal year 2024/25, Finance Minister Pun shared that stakeholders have described the budget as a balanced document.

"Minor criticism of the budget is natural, but most sectors have commented that the government has presented a balanced budget," he explained, adding that most sectors and concerned bodies have accepted the budget as it was presented in a realistic manner.

The Finance Minister stated that issues have been reported in public financial management recently. "The amount of internal loans is increasing, and it is challenging to gather resources in this situation. It is time for everyone to consider reducing recurrent expenditure and increasing capital expenditure," he mentioned.

The Finance Minister emphasised the need for prioritised sectors such as agriculture, tourism, information technology, and energy to play a major role in economic growth. He added that the tax rate on raw materials used by steel industries was altered based on various government studies.

Similarly, Deputy Governor of Nepal Rastra Bank (NRB), Bam Bahadur Mishra, said that the inclusion of programmes related to finance sector reform in the budget was commendable, stressing that the NRB is prepared to take the lead in implementing such programmes.

He underlined that various issues, including the promotion of digital payment, central bank currency, and green finance, were incorporated into the budget, which would support the NRB's programmes.

Likewise, Federation of Nepalese Chamber of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal emphasised the need for implementing the issues raised by the private sector, which are incorporated in the budget. He added that the current economic challenges could be resolved through effective implementation of the budget.

Similarly, Confederation of Nepalese Industries (CNI) President Rajesh Kumar Agrawal described the beginning of a new phase of economic reform as a positive step and appreciated the move to boost the morale of the private sector.

Also speaking at the event, Nepal Chamber of Commerce (NCC) President Kamlesh Kumar Agrawal said the budget is realistic and balanced. He added that the good programmes unveiled in agriculture and tourism are positive aspects of the budget.

Nepal Bankers' Association President Sunil KC appreciated the priority given to tourism, hydropower, startups, and information technology, and expressed hope that such programmes would benefit the banking sector.

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