Economic reforms, private sector promotion among five priorities of budget

KATHMANDU: Economic reforms and private sector promotion are among the five priorities of the budget for the fiscal year 2024/25.

Presenting the budget in a joint session of the federal parliament on Tuesday, Minister for Finance Barsha Man Pun said economic reform, private sector promotion, developing industrial infrastructure such as agriculture, energy, and information technology, development of social sectors including education and health, inclusiveness and social security, and the promotion of good governance and improvement of public services are the five priorities of the budget.

Similarly, increasing production, productivity, and employment; boosting private sector confidence and attracting investment while accelerating economic activities; developing human resources; utilizing resources in a balanced and equitable manner to reduce economic inequality and poverty; and making public service delivery effective are the five objectives of the budget.

The budget has also set five strategies for economic reforms. They include structural reforms, improving the business environment, reforming the public finance system, financial sector reforms, and public administration reforms.

Likewise, Minister Pun said that the government will form a high-level task force to make suggestions for economic reforms.

According to Pun, policy formulation, country rating, double taxation avoidance agreements, and other measures will be implemented to improve the business environment.