On May 30, in Nepal, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel stated that his main focus would be on implementing the new fiscal year’s budget. This budget was introduced in Parliament earlier this week on Thursday.
At a press conference held today at the Ministry of Finance (MoF) concerning the budget for Fiscal Year 2025/26, Minister Paudel stated that the execution process would commence right away and wouldn’t be delayed until the beginning of the new fiscal year in mid-July.
Implementing the budget poses significant challenges. It wasn’t created merely to satisfy our citizens; instead, its successful execution is imminent. Starting from today, I’ll concentrate on ensuring this happens," he stated. "The Ministry of Finance has begun formulating an actionable and unbiased strategy aimed at executing the budget effectively. Regarding initiatives where preliminary steps have concluded, there’s no reason to postpone actions till mid-July. We should expedite these processes immediately.
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The Finance Minister, Paudel, asserted that this year’s budget scale is neither excessively ambitious nor unrealistic when considering both income and spending projections. Additionally, he mentioned that the budget strategy encompasses boosting investment in infrastructure projects, controlling ongoing expenditures at a specific threshold, and augmenting fiscal allocations to provincial and municipal governments.
He showed confidence that the income goals established via the budget will be met by the conclusion of the next fiscal year. As for domestic debt, Minister Paudel mentioned that the projections were formulated within the boundaries outlined by the Natural Resources and Finance Commission.
Minister Paudel additionally highlighted that the budget includes several policy changes. According to him, one such policy aims at leveraging resources via alternate funding methods to foster economic growth and prosperity.
The Finance Minister, Mr. Paudel, indicated that limits have been established for consultancy fees to enable provinces and local governments to create feasible budget plans. Furthermore, he noted that initiatives are underway to integrate the national ID card with various social welfare programs and entitlements. In addition, he clarified that the VAT on electronic transactions as well as the advanced income tax imposed at custom checkpoints have both been eliminated.
Published by HT Digital Content Services with authorization from Republica.
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