Budget will prioritize sustainable economic growth: Mahat

KATHMANDU: Minister for Finance Dr Prakash Sharan Mahat has said that the budget for the fiscal year 2023/24 will prioritize sustainable economic growth.

Presenting the principles and priorities of the appropriation bill for 2023/24 at the House of Representatives on Sunday, Mahat said that the upcoming budget aims at achieving sustainable and inclusive economic growth. “The budget will also focus on generating more employment opportunities, promoting good governance, improving service delivery, and enhancing resource mobilization efficiency,” he added.

Stating that the economy is in a difficult situation due to internal and external factors, Mahat said the budget allocations will be made considering the spending capacity of state agencies. “The upcoming budget will boost the confidence of the private sector and create a conducive environment for both domestic and foreign investments,” he added. Mahat also mentioned that the will give special attention to increasing production, import substitution, and the promotion of digital economy.

The finance minister also unveiled plans to restructure the social security program. He underlined the need to strike a balance between fiscal and monetary policies.

Additionally, Mahat stated that the budget will concentrate on increasing farmers’ income, promoting the commercialization of farming, and ensuring easy access to chemical fertilizers.