Fiscal Nepal
First Business News Portal in English from Nepal
swarnim Wagle FM
KATHMANDU: The Government of Nepal is preparing to introduce a “paradigm shift” budget for the upcoming fiscal year 2083/84, aiming to unveil a broader reform blueprint for the next five years.
Finance Minister Dr. Swarnim Wagle has indicated that the government’s ongoing reforms are only initial steps, and that major structural changes will be announced through the budget.
Officials say the government is working simultaneously on three fronts—policy and programmes, the budget itself, and necessary legal amendments. Unlike previous years, where implementation was delayed due to pending legal changes, preparations are being made to ensure that policies announced in the budget can be implemented from the start of the new fiscal year.
The preparation process is being coordinated among key government bodies, including the Office of the Prime Minister and Council of Ministers, the National Planning Commission, and the Ministry of Finance. The Prime Minister’s team is overseeing coordination among ministries, while daily monitoring and reporting mechanisms have been introduced to track progress.
According to officials, the policy and programme framework is being prepared based on national commitments, and the budget is being designed to support those policies. Efforts are underway to ensure that each policy is backed by corresponding budget allocations and necessary legal provisions.
Within the Ministry of Finance, technical work related to budget formulation is ongoing. This includes compiling project details, maintaining budget records, and assessing financial liabilities.
Finance Minister Wagle is also reviewing suggestions received from different sectors and experts to shape revenue policies and reform measures. Inputs from national and international experts, including those involved in past economic reforms, are being considered.
Officials say draft policies and proposals are undergoing review at multiple levels before finalization. The government aims to ensure that reforms announced in the budget are practical and ready for implementation without delay.
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