Finance Minister Poudel: Economic Reforms Will Be a Top Priority

Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has said that the government will give high priority to economic reforms in the coming days.

Speaking at a discussion with development partners about the upcoming budget, Minister Poudel said, “We have already started economic reforms and are seeing positive results. We will give even more importance to this in the future.” He also highlighted that legal amendments through ordinances, suggestions from the High-Level Economic Reform Commission, and various policies and decisions are key parts of these reforms.

Minister Poudel informed development partners that the new budget will focus on encouraging the private sector, creating job opportunities, increasing production and productivity, and strengthening the national economy.

Acknowledging that the current situation is not very favorable in terms of financial resources, he said that the budget will focus on careful spending, cutting unnecessary expenses and allocating limited resources where they will have the most impact. He added that foreign aid will be used according to Nepal’s needs and priorities, and efforts will be made to use it effectively. Attention will also be given to solving problems in capital expenditure.

Minister Poudel expressed hope that once the budget is presented in the Parliament, everyone will recognize it as realistic. He also hoped for continued support from friendly countries and development partners in Nepal's development initiatives.

Finance Secretary Ghanshyam Upadhyay said the upcoming budget will focus on financial discipline and boosting confidence in the private sector.

Dhani Ram Sharma, head of the International Economic Aid Coordination Division at the Ministry of Finance, said Nepal’s economy is improving compared to last year, with economic indicators currently showing positive signs.

Representatives of development partners suggested focusing on better revenue management, maximum use of available resources, realistic budgeting and effective implementation. They also expressed readiness to provide more support to Nepal.

Representatives from China, India, the USA, the UK, Japan, Korea, Australia, Norway, Germany, Finland, the European Union, World Bank, Asian Development Bank, United Nations, International Monetary Fund, World Health Organization, and others took part in the discussion.