Nepal Ministry of Finance Tightens Security as Budget Drafting Begins for Fiscal Year 2082/083

Kathmandu. The Ministry of Finance has commenced the drafting process for the upcoming fiscal year (2082/083) budget. To prevent any disruptions and ensure the confidentiality of information, the ministry has tightened security and restricted access to its premises.

Previously, access was permitted through both ministry gates, but currently, all entrances except for the main northern gate have been closed.

Security personnel are conducting strict inquiries and maintaining entry logs at the ministry's access points. Additional security has been deployed to the Budget and Program Division. The ministry stated that, as in previous years, access for external individuals has been limited due to the sensitivity of the budget drafting process.

The government is preparing to introduce a 'big reform' package for the national economy through the budget, which will be presented to Parliament on Jestha 15.

Finance Minister Dr. Swarnim Wagle has claimed that the upcoming budget will include a plan for the most significant economic reforms in decades. During a recent discussion with the Nepal Economic Journalists Association (NAFIJ), Minister Wagle stated that the budget will outline a new blueprint for Nepal's economic transformation.

He noted that the main priorities of the upcoming budget will be economic growth and employment. He stated, 'The main goal of the budget is to achieve a high economic growth rate and create sufficient employment opportunities within the country.'

Minister Wagle mentioned that special programs will be included to increase per capita income and stimulate the sluggish economy.

• Reduction in Government Expenditure and Austerity

The government intends to adopt a policy of significant cuts in government spending for the coming year. Plans to reduce unnecessary administrative expenses and promote austerity in fuel consumption will be strictly implemented through the budget. 'We must improve government spending, and it will start with the upcoming budget,' said Finance Minister Wagle.

He stated that modern technology will be given high priority in the budget. He mentioned that the government will manage the budget to make Nepal's economy 'faceless, paperless, and cashless,' thereby modernizing public service delivery.

According to Minister Wagle, the budget aims to make the tax system business-friendly and practical. Reviving closed government industries is also a priority.

Minister Wagle informed that the budget will introduce a new modality to operate sick industries through a public-private partnership model with private sector participation. He stated that the private sector will be given full freedom and incentives for investment. He added that the recommendations of the High-Level Economic Reform Suggestion Commission, led by Rameshwor Khanal, will serve as the main basis for the budget.

Last Friday, Finance Minister Wagle formed a budget drafting committee coordinated by Joint Secretary Uttam Kumar Khatri. The committee includes experienced joint secretaries of the ministry: Dhaniram Sharma, Shevantak Pokharel, Mahesh Bhattarai, and Suman Dahal. This team has now begun drafting the budget.

The National Planning Commission has set an expenditure ceiling of 1.89 trillion rupees for the upcoming budget. The Ministry of Finance is preparing the budget to be presented on Jestha 15 within this limit.

Finance Minister Wagle has requested everyone to wait patiently until Jestha 15, as the reform programs will lead the country toward high economic growth.