KATHMANDU: Finance Minister Prakash Sharan Mahat presented a proposal seeking deliberations on the principles and priorities of the appropriation bill (except tax) for fiscal year, 2023/24, at the meeting of the House of Representatives on Sunday.
He said the budget will be brought by paying attention to making the economy dynamic and ensuring inclusive economic growth.
Finance Minister claimed that there were positive signs on the national economy with the increase in tourism, remittance and foreign currency reserve despite challenges. In order to bring the economy on track, frugality has to be maintained in current expenditure and capital expenditure should focus on the result, Minister Mahat said, making aware the House of negative sides such as low economic growth, meagre revenue collection, and increasing public expenditure.
"Bad debt and trade loss have also caused challenges. The forthcoming budget will encourage the private sector, focus transparency in public spending, and achievement of sustainable development goals (SDGs)," he reiterated in the meeting.
According to Minister Mahat, promotion of export, digital economy, quality education, health and drinking water, and social justice are other areas to be incorporated in the budget, while reduction of climate change impact, development of green economy, guarantee of source for social security, the institutionalisation of federal democratic public, zero tolerance against corruption, special focus on agriculture and production, clean energy, urbanisation, convincing and safe aviation, tourism promotion need to be addressed in the budget.
The discussion on the Finance Minister's proposal will be held in the HoR meeting from Monday to Wednesday.
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Published Date: May 8, 2023, 12:00 am
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