‘Formulate budget to leverage economic prosperity’

Kathmandu, May 7. Experts have suggested the government for adopting policies for boosting economy while preparing the budget for the new fiscal year 2075/76 BS.

In an interaction organized here today by the Nepal Rastra Bank in view of pre-budget discussions, economists have stressed on preparing appropriate budget to address public aspirations of prosperity and development keeping in mind the country’s federal setup.
NRB governor Dr Chiranjivi Nepal shared the country has seen increase in liability from Rs 3-5 billion rupees for the implementation of three tiers of federalism.

He further shared resources for the same should be collected through revenue and loans from donors. He further expected seven per cent economic grown in the new fiscal year.
Similarly, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) senior vice chair Shekhar Golchha stressed on promoting industrial sector to increase its contribution national economy.

He further opined that the budget should be focused to develop infrastructure.
Chairman of Securities Board of Nepal (SEBON) Dr Rewat Bahadur Karki opined for monitoring the cooperative sectors after dividing it into two sectors as financial and non- financial.

Chairperson of Securities Board of Nepal (SEBON|) Dr Rewat Bahadur Karki stressed the need to classify cooperatives into financial and non-financial category while noting the necessity of devising separate agency to monitor the cooperatives.

Likewise, Chairperson of Federation of Cottage and Small Industries Shyam Giri said the budget should make arrangement for the banks to provide loan to small industries being operated from family capital and such industrial should be considered as collateral for lending.

Similarly, Insurance Committee Chairperson Chiranjibi Chapagain pointed out that the budget should include a policy to bring the insurance of all sectors to an integrated leadership.

Other speakers underlined the need of bringing measures for liquidity management and amendments to loan security policy.

The Central Bank compiles the recommendations received from all seven provinces and submits an integrated document to the Ministry of Finance.