Finance Minister States Economic Slowdown Post-Jana Andolan

Kathmandu. Finance Minister Dr. Swarnim Wagle has stated that Nepal's economic activity has slowed down after the Jana Andolan. He said this on Monday while responding to questions raised by MPs about the upcoming fiscal year's budget during a National Assembly meeting.

Finance Minister Wagle mentioned that the country's politics took a turn after the Jana Andolan and clarified that the government has formulated its policies, programs, and budget in a way that does justice to it. Stating that the country's economy has not yet fully returned to normal after the COVID pandemic, he claimed that the government has brought a new budget with the objective of revitalizing the sluggish economic activities. He added that private sector investment in the market is also very slow, and the government is committed to encouraging them and moving economic activities forward.

Clarifying the country's current economic crisis and the budget's priorities, he said, 'The country's politics has taken a turn after the Jana Andolan. We have moved forward in a way that does justice to it, that represents it. Nepal's economy, fundamentally after this COVID, our economy has not been able to return to normal. Therefore, there has been weak demand since last year. There is no demand for anything in the market. Buying and selling are not happening. The power to spend is either sluggish or has migrated. Therefore, this market needs to be stimulated now. The current budget has emphasized that. Another thing is that private investment is extremely sluggish. What will happen? There is uncertainty. After the Jana Andolan, there was a kind of fear, terror. This overall activity, the slowdown in economic activity.'

Finance Minister Wagle also asserted that the budget brought by the current government has particularly emphasized the upliftment and economic security of the lower strata of society.