Budget cannot address key economic issues facing the country: NC

Published On: May 29, 2024 08:00 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, May 29: The main opposition, Nepali Congress (NC), has said that the budget is ritualistic and fails to address the key economic issues facing the country.

Talking to media persons outside the parliament building after Finance Minister Barshman Pun presented the budget for the new Fiscal Year 2024/25, Former Finance Minister Prakasharan Mahat, spokesperson for the main opposition party, stated that there is no reform program in the budget, and this will not stop the financial irregularities.

Dr Mahat stated that although there was a break in making an inflated budget this is still unrealistic. "The Finance Minister has said that it will work for decades to bring reforms, but there are no programs to improve it. There is a tendency to scatter the budget. Due to this, there is doubt that big projects will be completed on time," former finance minister Mahat said. "Although he has pledged to move on the path of reform, he has not spelled out anything where to improve."

Dr Mahat also mentioned that a number of issues of the budget have not been presented yet and said that more can be said about it once the full text is available.

He also argued that the government's decision to remove VAT on the import of apples, potatoes and onions is not right. He claimed that it would not help domestic traders if it is removed in that way. He said, "VAT has been removed in collusion with the traders who import them in Nepal."

Dr Mahat also argued that the finance minister has not talked anything about the priority of budget allocation. 

“We should see what he has done to appease his supporters," he said. "The budget has tried to touch many topics, but I do not think this will bring any tangible results. Budgetary discipline has been blocked. It is certain that the issues that the budget has mentioned will not be fulfilled."

Leave A Comment