New budget is oriented towards financial federalism: Finance Minister

May 14, 2019 RSS

Minister for Finance Dr Yubaraj Khatiwada claimed that a lot of work has been undertaken and accomplished for financial federalism in the current fiscal year that is going to end soon.

Responding to the queries raised by the parliamentarians in today’s meeting of the National Assembly on principles and priorities of the Appropriation Bill for the Budget (excluding tax proposal), Minister Khatiwada clarified that the new budget would be oriented towards implementation of federalism.

Khatiwada said, “Many rules have been made relating to resources, responsibilities of expenditure, distribution of jurisdiction. Many rules are under deliberations. That is why financial federalism was being implemented.”

Stating that the government would prioritize those works undertaken in collaboration with private and cooperative sectors, development partners, he further clarified that the incumbent government would work within the socialism-oriented economy, its parameters and prospects.

The Minister pledged that the new budget would be prepared in such a manner which would inspire the government, private sector and cooperatives sector to work hand-in-hand for the economic prosperity of the country. “There cannot be a strong economy until we build up the national capital. Social justice and prosperous economy would be made after we develop and enhance our saving capacity, developing savings into productive force,” argued Minister Khatiwada.

He viewed that prudent distribution of revenue and subsidy as per the geography and population would contribute to provincial balance.

According to him, the new policies and programme aimed to promote domestic goods, enhancing saving capacity of people and mobilization of national capital for development works.

He was hopeful for the improvements in import-oriented economy. Minister Khatiwada shared that the new policies and programme also aimed to reduce remittance inflow and create job opportunities within the country.

He pointed out the need for many improvements for increasing capital expenditure and mobilization of capital.

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