Budget principles and priorities are to be revised on need basis: Finance Minister

Kathmandu- Finance Minister Barshaman Pun has said the principles and priorities of the Appropriation Bill for the upcoming fiscal year 2024/25 shall be revised on the basis of necessity and also taking the Common Minimum Resolve adopted by the present ruling alliance into consideration.

He also said the good policies contained in the Appropriation Bill for fiscal year 2024/25 presented in parliament by the immediate past Finance Minister Dr Prakash Sharan Mahat would be continued.

Responding to queries that came up during deliberations on the principles and priorities of the Appropriation Bill for the next fiscal year, in the meeting of the National Assembly today, the Finance Minister said so. “Many parliamentarians had raised the issue of rewriting, in the present changed context, several of the principles and priorities of the Appropriation Bill, 2081 which the outgoing Finance Minister had presented in the parliament on behalf the government.

The principles and priorities of the next year’s budget would be set, maintaining a balance and addressing the needs, possibilities and approaches in accordance with the changed context and the need to maintaining stability in the government’s policies and giving continuity to the good policies and programmes in the current situation,” he explained. Finance Minister Pun reiterated that the new periodic plan and budget would be brought with the concept of good governance, social justice and prosperity.

“The next fiscal year’s budget would be aimed at increasing the State’s role in the sector of providing basic service of major strategic importance and at establishing social justice by making provisions for quality education, health, employment and social security,” he added. The Finance Minister insisted that an environment would be created for fully utilizing the capacity of the private and cooperative sectors towards the efficient use of means and resources, production and employment generation.

According to him, the government will immediately take steps to address the problems related to the usury practice and cooperatives and microfinance victims. He stressed that the government has the plan of stopping the present exodus of youths to foreign lands and the high unemployment rate by emphasizing on production and productivity growth. The Finance Minister also claimed that the capital expenditure will be significantly increased in the next fiscal year since the government has moved ahead works of some procedural and structural reforms for boosting the capital expenditure capacity.