Finance Minister Swarnim Wagle States Budget Aims for 5-Year Foundation

Kathmandu. Finance Minister Swarnim Wagle has stated that the budget has been presented with the aim of laying a foundation for a 5-year period. Speaking at a post-budget interaction program organized by the Nepal Economic Journalists Association, Finance Minister Wagle mentioned that due to insufficient preparation time for the budget, some issues will be addressed in the next year's budget. 

He urged that since the current government is for 5 years, all expectations should not be placed on a single budget. He stated that the Gross Domestic Product will reach 74 kharba 58 arba when the budget for the upcoming fiscal year is implemented.

He mentioned that after the earthquake, it had come down to 37 percent of the Gross Domestic Product, but currently, only about 28 percent of the projected GDP is allocated. 

Finance Minister Wagle stated that the target is to collect 1580 arba in revenue and said that the country is not heavily reliant on loans. He stated that loans will not exceed 43 percent of the GDP. 

He said that the 7 percent economic growth will be achieved not just by 21 kharba 24 arba, but by the projected 74 kharba GDP. He stated that 7 percent economic growth can be achieved by making the market dynamic.

He said that the budget for the upcoming year has no new programs and is under pressure due to the high liabilities of old programs. He also stated that the construction of main highways will be completed this year and the construction work on the Siddhartha Highway will move forward. 

'Expanding the road from Butwal to Pokhara currently costs 35 arba,' he said, 'We are thinking of building an expressway, but the estimated cost is 1 kharba.'