Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has said that the government had to downsize the budget of the current fiscal year through the half-yearly review since there it is difficult to meet the target of revenue collection and expenditures.
In his speech on Tuesday’s National Assembly meeting regarding the half-yearly review report of the current fiscal year, Poudel said the review in the budget was made as per the laws and the budget implementation would be made further effective.
Stating that the time for selection of projects based on nepotism is over, the Deputy Prime Minister made it clear that the projects would be forwarded only after being clear whether it is required.
The projects would be forwarded only after prioritization of project selection, preparation, and implementation.
Saying that the government’s focus is on increasing internal production, the Finance Minister said the government was effortful to shift the import-based revenue system to the production-based revenue system. “The Finance Ministry is making efforts for the structural reforms,” he said.
Sharing the fact that the country’s economy was undergoing challenges, the Finance Minister said the government was mindful of the deficit in the reserve fund and the declining trend of revenue collection.
He also expressed confidence that the interest rate of the loan would be gradually decreased.
In the National Assembly meeting, MPs Prakash Pantha, Khimlal Devkota, Jitendra Narayan Dev, Tulasa Kumari Dahal, Bhagawati Neupane, Yubraj Sharma, Kamala Panta, Indu Kadariya, Bimala Ghimire, Bhairab Sundar Shrestha, and other lawmakers had put their concerns to the Finance Minister on the half-yearly review of the current fiscal year’s budget.
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