Finance Minister hopeful of impressive economic growth rate

BIRGUNJ, APRIL 7: The Finance Minister of Nepal, Barsha Man Pun, has expressed optimism about the country’s economic growth rate for the current fiscal year. Speaking at an interactive programme called ‘Birgunjko Bani’, organized by Kantipur Media Group in Birgunj yesterday, Minister Pun stated that the growth rate would be impressive and encouraging. He also mentioned that the World Bank has forecasted a growth rate of more than 3.5%. However, he acknowledged that it might not meet the target of 6% set in the annual budget.

Minister Pun informed that the capital expenditure has increased by almost 10% since he took charge of the Finance Ministry. Previously, it was only 23%, but now it has crossed 30%. The government has targeted to spend Rs 302 billion in capital expenditure in the current fiscal year, but only Rs 91.8 billion has been spent so far.

Minister Pun attributed the increase in capital expenditure to the government’s policy of making the market vibrant by maximum capital mobilization. He further added that the government released more than Rs 70 billion in the market and made regular payments, which helped increase capital expenditure.

At the programme, Revenue Secretary Ram Prasad Ghimire informed that overall revenue collection is not disappointing, although it is not collected as expected. He expressed hope that revenue collection will improve with increased economic activities. Similarly, the Governor of Nepal Rastra Bank, Maha Prasad Adhikari, urged for an increase in domestic production and stated that both the internal and external sectors of the economy have improved.

Minister Pun also pledged to collaborate with industrialists and business communities.