KATHMANDU: Finance Minister Dr. Yubaraj Khatiwada said that the budget for the coming fiscal year has been reduced by about four percent as compared to the current fiscal year as it was the need of the hour.

Speaking at a press conference on Friday, Finance Minister Khatiwada clarified that the size of the budget could not be increased in the current situation.

“The small size of the budget means that we are not in a normal position. Under normal circumstances, the size of the budget will increase by at least 10 to 14 percent taking inflation into account ,” he said.

Saying that the government’s spending and investment should be increased so that private sector investment can play a complementary role, Minister Khatiwada said that hat this would lead us to higher economic growth.

“I have moderately proposed allocating next year’s budget about 4 percent less than the current year’s budget. There are some reasons for this. Protecting people’s lives is the biggest task right now,” he said.