June 3: Stakeholders have emphasized on the effective implementation of the budget presented in parliament for the Fiscal Year 2022/23. Speaking at an interaction organized jointly by the Nepal Economic Association, the Confederation of Banks and Financial Institutions Nepal (CBFIN) and the Ministry of Finance in Kathmandu on Thursday, the stakeholders stressed that implementation of budget is essential for building a self-reliant economy.

Senior economist and President of Nepal Economic Association Prof. Dr. Bishwambher Pyakuryal presented a paper on budget at the interaction.

“Even if the budget looks positive overall, there will be difficulties in achieving the revenue target set by the government, which might further increase inflation and public debt,” said Pyakurel.

Economist Dr Poshraj Pandey said that the budget is promising only by its looks. Senior economist Prof Dr Govindra Nepal said that the budget is inclusive and transformative. In addition, he pointed out the need for in-depth study for the implementation of various programmes and projects.

CBFIN chairman Pawan Kumar Golyan said the budget is focused on agriculture, production, employment, import substitution and building a self-reliant economy. However, he said that no concrete plan is formulated yet to solve the problem of liquidity crisis. He said that some of the tax exemptions have raised suspicions that they are promoting imports rather than exports.

Finance Secretary Madhu Kumar Marasini said that despite the pressure on the economy, the budget has been kept within the limits. He remarked, “Despite the budget being a political-economic document, it also carries some goals. But in our country, which is rich in natural resources and has immense potential, the implementation of the issues directed by the budget will help in economic prosperity.”

Senior Advisor to the Ministry of Finance Dr Surendra Upreti said that the budget came up with the expectations and needs of the general public and all stakeholders. He said, “As the budget empowers the state and local bodies with a large amount of financial transfers, it will be implemented effectively."

Speaking on the occasion, Finance Minister Janardan Sharma said that the budget covers the desires and demands of all. “This budget is yours as it has been formulated on the basis of suggestions, needs, expectations and recommendations received through discussions and interactions with all stakeholders. I have only presented it as a representative. Now let's all take ownership and move towards implementation with commitment.” He urged all parties to support the country's goal of building a self-reliant and socialism-oriented economy.