KATHMANDU: Finance Minister Swarnim Wagle has said the budget for the upcoming fiscal year has been designed with a focus on long-term economic reform rather than short-term popularity.
Responding to questions raised during discussions in the National Assembly on the estimates of revenue and expenditure for fiscal year 2083/84, Wagle acknowledged implementation challenges but expressed commitment to moving forward with a new approach.
The finance minister said the budget prioritises good governance, expansion of the middle class, job creation and promotion of the private sector.
He stated that in line with commitments made before the election, the government has placed economic, political and judicial governance at the centre of its policy agenda.
“We have placed good governance at the centre and prioritised economic, political and judicial reforms that concern ordinary citizens,” he said. “Expansion of the middle class is necessary for national prosperity. We aim to lift lower-income groups and strengthen the middle class. Claims that poor and low-income groups have been ignored do not reflect reality.”
Wagle said the budget has identified 21 economic sectors and set a target of creating 1.2 million jobs over the next five years.
He added that the government plans to expand road infrastructure, mobilise the Nepali diaspora as investors and development partners, and strengthen the role of the private sector as a key driver of investment and economic growth.
Referring to the post-COVID-19 economy, Wagle said Nepal’s economy has not yet fully returned to previous levels and acknowledged that uncertainty in private investment still remains.
“The economy cannot remain dynamic if the purchasing power of the middle class weakens,” he said. “That is why we have encouraged private sector participation for economic recovery.”
The minister also said social security programmes have not been reduced but expanded, while agriculture modernisation, worker protection, agricultural insurance, employment and startup programmes have been given priority.
The next meeting of the National Assembly is scheduled for Friday, Asar 5, at 1:15 p.m.
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