Confederation of Banks and Financial Institutions Nepal Welcomes FY 2083/84 Budget

Kathmandu. Confederation of Banks and Financial Institutions Nepal (CBFIN) has welcomed the budget for the fiscal year 2083/84 brought by the Government of Nepal. Stating that the budget has focused on economic revival, boosting private sector morale, promoting investment, and building a production-oriented economy, CBFIN has called it a positive and timely step.

In a statement issued by CBFIN's Director General Roshan Koirala, it is mentioned that the budget has created a new basis of hope and confidence to revive the economy, which has been sluggish for some time, to overcome the 'wait and see' attitude of investors and the current challenge of not being able to expand credit as expected from the banking sector.

CBFIN has considered the government's announcement to establish a National Asset Management Company with special authority to effectively manage non-performing loans and non-banking assets, which have become very challenging in the banking sector, as a historic and visionary step.

Similarly, the Confederation has praised the budget for prioritizing reforms in the tax system, concessions given to industries and businesses, promotion of the digital economy, and development of infrastructure and energy sectors.

CBFIN states that the budget has embraced the private sector as a major partner and driver of economic growth.

CBFIN has expressed confidence that the increase in the exemption limit for personal income tax, review of tax rates, facilitation of customs for industrial raw materials, and arrangements for capital mobilization through alternative financial instruments will inject positive energy into overall economic activities.

The Confederation has pointed out that policy stability and cooperation with the private sector are necessary for the effective implementation of the people-oriented and development-oriented policies and programs mentioned in the budget.

CBFIN has also stated its full commitment to work closely with the Government of Nepal towards building a strong and self-reliant economy with economic revival, financial sector stability, investment expansion, and sustainable economic growth.