Economy will be revived in ‘V shape’ with everyone’s efforts: Finance Minister Poudel

RSS

October 31, 2020

3 MIN READ

Economy will be revived in ‘V shape’ with everyone’s efforts: Finance Minister Poudel

Finance Minister Bishnu Poudel. Photo: RSS

  • 3
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
    3
    Shares

KATHMANDU: Finance Minister Bishnu Poudel has said he has emphasized on six major sectors for making the economy vibrant and for rescuing it from the adverse impact of COVID-19.

According to him, these six sectors are: effective implementation of the budget, increasing the capital expenditure, cut down on current expenditures, providing relief package to the poor section of the population affected by COVID-19, stimulus package for the most-affected economic sectors and effective management of financial sources of the government for meeting the government’s growing expenses.

These measures, he said, would infuse some dynamism to the economy in the present situation.

Finance Minister Poudel said COVID-19 has badly impacted the national economy, leading to a decrease in economic growth rate and increasing unemployment. This will also impact the declining poverty rate.

He expected the active participation of the political parties, the private sector, media persons, stakeholders and the general public in these piority areas.

“We have the experience of facing the earthquake and the blockade with determination. We have achieved significant results in the post-earthquake reconstruction through collaboration and coordination among all.

The present situation is quite differet. The effects of coronavirus pandemic are multi-dimensional. But we can face the challenges created by COVID-19 with the support and cooperation of all. I have already started my duty with this confidence,” the Finance Minister said.

Asked about the possibility of the country’s economy affected by coronavirus pandemic re-emerging in ‘V’ shape as was stated in course of making preparations for the budget of the current fiscal year, Finance Minister Poudel said: “The COVID-19 is still prevalent and there is the need to work in preventing and controlling it and in the treatment of the infected people until vaccine is developed. We are doing some works to keep the economy functioning even amidst the coronavirus pandemic.

Concessional loans and re-financing have been implemented for providing relief to the affected enterprises. Now I urge all sectors to proceed ahead with the economic activities by following the health safety standards.”

He expressed the belief that the economy will be revived in the ‘V shape’ and become functional when the infection declines and the programs brought by the government are implemented, as COVID-19 has not largely affected the physical mechanisms of production.

Just In