Finance Minister discusses budget with int’l development partners

KATHMANDU: Finance Minister Prakash Sharan Mahat held discussion about the budget for the upcoming fiscal year 2023/24 with the international development partners in Nepal on Thursday. On the occasion, Finance Minister Mahat shared about future priorities of the government and the guidelines and principles to be taken by the upcoming budget. He committed to making maximum use of the available resources. Considering the increasing debt of the government, it is a priority to invest in productive sectors to help pay both the principal and interest. The finance minister on the occasion called for substantial subsidies along with foreign loans including aid to address the impact of climate change, which Nepal is not responsible for. During the meeting, heads and representatives of international development partners assured support to the priorities and programmes taken up by the Government of Nepal in the upcoming budget, and mobilise foreign aid through Nepal's national policy, system and structure. International development partners suggested that there should be improvements in capital expenditure, management of public institutions, avoiding duplication of expenditure, and preparation of blueprints for internal resource mobilisation, among others. Suggestions were also received to increase investment in health, education, social security and nutrition, expand the scope of taxes, improve capital expenditure and gradually change the informal sector to the formal sector. Heads and representatives of multilateral development partners such as the World Bank, Asian Development Bank, International Monetary Fund and International Finance Corporation, United States Agency for International Development, Embassies of Japan, Korea, Switzerland, Norway, Finland, Germany and the European Union were present in the meeting. By RSS READ ALSO:

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