KATHMANDU: Finance Minister Swarnim Wagle has said the government introduced the budget with the objective of creating a foundation for improving Nepal’s economy.
Speaking at a programme organised by the Nepal Chamber of Commerce in Kathmandu on Wednesday, Wagle said the budget aims to establish conditions for economic recovery and long-term structural improvement.
He stated that the government plans to accelerate reforms further during its second and third years in office.
According to the finance minister, the fourth and fifth years will focus less on introducing reforms and more on steering economic governance toward achieving targeted outcomes.
Wagle said the government expects that after sustained transformation efforts over the next five years, the public will gradually begin to experience visible results.
Emphasising the role of the private sector, he said economic progress would not be possible without encouraging private investment and participation. He added that the government has introduced various tax and policy reform measures to support private sector growth.
The minister also noted that economic reforms do not always need to wait for annual budgets and that policy decisions can be implemented through ministerial or cabinet-level action when necessary.
Speaking at the same event, Kamlesh Agrawal said Nepal had not managed the economy effectively following the COVID-19 pandemic, resulting in impacts across multiple sectors.
Agrawal also said the government should examine why the private sector remains reluctant to invest despite liquidity being available in banks. He further expressed concerns that implementation of MRP measures has created difficulties in the business sector.
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