Sunday Jul 14, 2024
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Budget will be designed to achieve SDGs: Finance Minister Pun

2024 Mar 20, 18:57,

 Minister for Finance Barshman Pun has said that the government is committed to maintaining good governance through transparency and professionalism in the agencies involved in the economic sector.

Responding to the questions raised during the deliberations on the principles and priorities of the appropriation bill for the next fiscal year 2081-82 (except the tax proposal) at the House of Representatives today, he said that the budget is being formulated to achieve sustainable development goals pursuant to international commitments.

"The government is committed to work with full dedication to fulfill the people's desire for rapid development and speed up the journey towards prosperity," he said, "the government is sensitive to the issues raised in the parliamentary discussion and will be included in the formulation of policies and programs and the budget."

 In order to end the current economic stagnation, the government will move ahead large and under-construction projects, along with a policy of maximizing internal and external resources for development finance. Mentioning that environment conducive to mobilization of domestic and foreign capital will be created, the Finance Minister said that additional efforts will be made to run the economy through proper coordination between fiscal policy and monetary policy of the government.

Revenue reforms, frugality in government expenditure, identification and mobilization of new sources of foreign aid will be carried out to reduce the growing gap between revenue and expenditure, which is a challenge in the sustainable management of public finances. Furthermore, policy, legal and procedural reforms will be carried out to solve the problem of low capital expenditure, Pun said.

Minister Pun said, "The potential of mobilization of concessional green finance would be used to the maximum. Appropriate projects and programmes will be developed for the same. Emphasis will be laid to lessen negative impacts of climate change."

Stating that emphasis would be laid to develop national capital by encouraging domestic production and consumption, he shared that programmes would be formulated to stop brain drain by creating employment in the country in the budget.

The Finance Minister assured of formulating budget ensuring people's right to education, resolving the existing problems concerned with universities and maintaining balance between education and employment.

"Basic health facilities will be made available in all local levels, making people's access to medical treatment through health insurance scheme and emphasis will be laid to maintain quality of health services provided from government, community and private sector", he mentioned.

The Finance Minister underlined that contribution-based social security scheme would be forwarded incorporating all those in employment and self-employment in and outside the country.

Saying resources required to complete the remaining task of the peace process would be properly managed, he added that the government was committed to maintaining social justice by sharing government's resources in an appropriate manner.

The HoR would meet next at 11:00 am on coming March 31.

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