KATHMANDU: Finance Minister Janardan Sharma today presented a while paper highlighting status of the country’s economy at the meeting of the House of Representatives.
Addressing the HoR meeting, Minister Sharma stated that the KP Sharma Oli-led government has failed to steer the economy in the right direction during the pandemic. “Then government which had set the economic growth target of 8 percent pushed the country towards negative economic growth,” said Sharma.
Making public the picture of the economy, Sharma estimated that the ratio of consumption to GDP in the fiscal year 2073-74 was 87 percent and in the fiscal year 2077-78 it would be 93.4 percent.
Similarly, the ratio of household savings to GDP in FY 2073-74 is 13.0 percent and it is estimated to be 6.6 percent in FY 2077-78.
In addition, the ratio of national savings to GDP in FY 2073-74 was 41.7 percent and it is estimated to be 31.4 percent in FY 2077-78.
In the white paper, the government has stated that the country has failed to mobilize foreign resources effectively. The government has not been able to achieve even 50 percent progress in the target of mobilizing foreign loans every year.