Finance Minister Paudel: 6% Economic Growth Target Set, Calls for Collective Support in Budget Implementation

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has stated that the upcoming Fiscal Year 2082/83 budget has been formulated with the target of achieving 6% economic growth. Speaking at a post-budget discussion organized by the Nepal Economic Journalists Association on Saturday, Minister Paudel expressed confidence that the budget, being positive and realistic, would also be implemented effectively.

Highlighting that Nepal had achieved 7.5% growth in the past, he noted that a 6% growth target is achievable under the current circumstances. “The budget has been developed by following sound fiscal principles, maintaining fiscal discipline, and ensuring resource management,” Paudel said.

He emphasized that achieving the projected revenue target will require consistent effort. “Without work, targets cannot be achieved. But if we work, we can definitely meet our goals,” he added.

Addressing concerns about public debt, the minister clarified that the government has planned to borrow only as much as needed to meet debt servicing requirements. “There’s no need to worry unnecessarily about resources,” he reassured.

Minister Paudel further pointed out that the government had addressed issues of excessive budget allocations to minor projects by introducing more prudent budget allocations. He asserted that the misuse of resources would not be tolerated and that careful attention had been paid to controlling expenditures on fragmented projects.

The budget, according to him, sends a strong message to the private sector that the government is not here to do everything alone but to work collaboratively. He claimed that the government has actively worked in favor of all sectors, especially young entrepreneurs, and has taken initiatives to resolve issues in the construction sector as well.

Paudel stated that the government is ready to facilitate legal reforms and ensure that infrastructure projects are completed within stipulated timelines. He mentioned that digital banking infrastructure will be developed in coordination with Nepal Rastra Bank, and the government intends to move forward transmission line projects in parallel with other development projects.

Regarding environmental concerns, Paudel stressed the importance of using mineral resources in an environmentally responsible manner and assured that the budget has incorporated those concerns.

Finally, he called for collective support from all stakeholders to ensure effective budget implementation, emphasizing that national development goals can only be achieved through coordinated effort.