First Business News Portal in English from Nepal
KATHMANDU: Minister for Finance Janardan Sharma has assured the parliament that the government will incorporate all recommendations and suggestions provided by lawmakers in regard to the Appropriation Bill.
In response to the feedback and suggestions received from National Assembly (NA) members on the Appropriation Bill’s priorities and principles on Thursday, Finance Minister Sharma said that national commitment is needed for nation building and support from all concerned is imperative for the same.
He was of the idea that the country could be made prosperous in a short span of time by properly utilizing Nepal’s situatedness between the two giant neighboring countries and that this is possible only with national determination.
Minister Sharma said that the impacts of COVID-19 pandemic, heavy damages on crops due to unseasonal flood and Russia-Ukraine conflict had all impacted our economy.
Finance Minister Sharma also shared that price hikes in petroleum products, iron goods and coal brought about challenges in Nepal’s economy. He argued that Nepal would achieve more than 7 percent of annual economic growth if these issues had not impacted the economy.
Sharma blamed the external forces behind increased inflation and increased amount of imports rather than exports.
On the occasion, Minister Sharma said different measures have been applied to maintain balance of payment (BoP) and there was improvement in the remittance inflow. He also said that foreign exchange reserves are sufficient to purchase goods and services for six and a half years.
Sharma shared that 77 percent of the revenue target for the current fiscal year has been collected out of the target of Rs 1,180 billion.
The next meeting of the NA is scheduled for 1:00 PM on May 23.
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