KATHMANDU: Finance Minister Prakash Sharan Mahat discussed the current indicators in the economy with the Finance Committee under the House of Representatives.
Minister Sharma discussed the economic situation and indicators in the meeting held at Singh Darbar, Kathmandu on Saturday. On the occasion, HoR members questioned Finance Minister Mahat about the current economy.
Responding to lawmakers, Finance Minister Mahat stressed the need for prioritising the recognition of youths' potential and utilising it within the country.
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Finance Minister speaks at a meeting held with the Finance Committee under the House of Representatives of Federal Parliament in Kathmandu, on Saturday, May 20.[/caption]
Finance Minister Mahat apprised the lawmakers of the government's priority to promote Nepali industrialists in the upcoming budget. "We will go for the policy of promoting more and more Nepali industrial businesses," Finance Minister Mahat said. He stressed the need for improvement and committed to working on it sincerely. He said it will take some time to solve problems in the economy. He asserted that gradual reforms will be made in the policies and programmes.
In the meeting with Finance Committee, Minister Mahat said implementation is our main challenge. He informed that a schedule will be prepared to make the work of releasing the budget and getting the contract done on time. "This will make the capital expenditure more effective and increase capital flow which will help increase the economic growth rate." He argued that he would do nothing for the benefit of a person or business but for the entire economy. "I'm focused on capital expenditure and revenue mobilisation to see whether the outcome is qualitative," Minister Mahat said and added, "I am looking at whether the things coming from the system are correct or not. This is about the country and people. So, I'm not working for a political party. I work from the level above individuals and parties."
Minister Mahat further said he was looking at the revenue which has shrunk. He said the work was ongoing to correct things. However, he also asserted that it was not possible to raise 35% to 40% more revenue in this fiscal year. He stressed the need to review foreign loans and bring them according to the needs. "We also need to show the ability to spend,' he added.
[caption id="attachment_36805" align="alignnone" width="1000"]
Finance Minister speaks at a meeting held with the Finance Committee under the House of Representatives of Federal Parliament in Kathmandu, on Saturday, May 20.[/caption]
Minister Mahat mentioned the loan taken during the earthquake, which has not been paid yet. He said, "If we start focusing on debt repayment, pressure will be created on general and capital expenditure." "There is a challenge due to limitations of administrative expenses. We can neither eliminate social security expenses nor cut investment in public health education. In the meantime, we cannot escape from the obligation to pay the debt. The more this pressure increases, the more pressure is placed on our internal needs." "We have limited resources to address the demand for capital expenditure," Mahat said. He stressed the need to work amid this imbalance.
CPN (UML)'s lawmakers Surya Bahadur Thapa and Padam Giri; Swarnim Wagle of Rastriya Swatantra Party (RSP), Biraj Bhakta Shrestha, Gyan Bahadur Shahi of Rastriya Prajatantra Party (RPP) and others questioned the finance minister. The Finance Committee meeting was held under the chairmanship of Nepali Congress MP and senior member of Finance Committee Santosh Chalise.
READ ALSO:
Finance Minister speaks at a meeting held with the Finance Committee under the House of Representatives of Federal Parliament in Kathmandu, on Saturday, May 20.[/caption]
Finance Minister Mahat apprised the lawmakers of the government's priority to promote Nepali industrialists in the upcoming budget. "We will go for the policy of promoting more and more Nepali industrial businesses," Finance Minister Mahat said. He stressed the need for improvement and committed to working on it sincerely. He said it will take some time to solve problems in the economy. He asserted that gradual reforms will be made in the policies and programmes.
In the meeting with Finance Committee, Minister Mahat said implementation is our main challenge. He informed that a schedule will be prepared to make the work of releasing the budget and getting the contract done on time. "This will make the capital expenditure more effective and increase capital flow which will help increase the economic growth rate." He argued that he would do nothing for the benefit of a person or business but for the entire economy. "I'm focused on capital expenditure and revenue mobilisation to see whether the outcome is qualitative," Minister Mahat said and added, "I am looking at whether the things coming from the system are correct or not. This is about the country and people. So, I'm not working for a political party. I work from the level above individuals and parties."
Minister Mahat further said he was looking at the revenue which has shrunk. He said the work was ongoing to correct things. However, he also asserted that it was not possible to raise 35% to 40% more revenue in this fiscal year. He stressed the need to review foreign loans and bring them according to the needs. "We also need to show the ability to spend,' he added.
[caption id="attachment_36805" align="alignnone" width="1000"] Finance Minister speaks at a meeting held with the Finance Committee under the House of Representatives of Federal Parliament in Kathmandu, on Saturday, May 20.[/caption]
Minister Mahat mentioned the loan taken during the earthquake, which has not been paid yet. He said, "If we start focusing on debt repayment, pressure will be created on general and capital expenditure." "There is a challenge due to limitations of administrative expenses. We can neither eliminate social security expenses nor cut investment in public health education. In the meantime, we cannot escape from the obligation to pay the debt. The more this pressure increases, the more pressure is placed on our internal needs." "We have limited resources to address the demand for capital expenditure," Mahat said. He stressed the need to work amid this imbalance.
CPN (UML)'s lawmakers Surya Bahadur Thapa and Padam Giri; Swarnim Wagle of Rastriya Swatantra Party (RSP), Biraj Bhakta Shrestha, Gyan Bahadur Shahi of Rastriya Prajatantra Party (RPP) and others questioned the finance minister. The Finance Committee meeting was held under the chairmanship of Nepali Congress MP and senior member of Finance Committee Santosh Chalise.
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Published Date: May 21, 2023, 12:00 am
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