Ministry concludes economic growth indicators ‘progressive’

KATHMANDU: The capital expenditure has increased by 43 per cent and the gross expenditure by 48 per cent in the first five months of the current fiscal year as compared to last year.

Increased revenue collection, foreign aid, exports and timely budget and approval of programmes and policies played vital role on bringing positive impact on the economy and its growth rate, according to the Ministry of Finance.

During the programme organised to review the programmes and policy and the progress of large scale projects mentioned in the budget presented by Ministry of Finance, it was informed that the national economy was making positive progress.

Secretaries of the ministries concerned have reported on physical and financial progress on the programmes included in the budget. They said that the capital expenditure is making a sound progress due to timely budget and approval of the programmes and policies.

Speaking at the programme, Finance Minister Shanker Prasad Koirala said that the overall economy of the country was positive adding that the government was committed towards creating a situation wherein there would not be shortage of resources to implement the programmes and polices.

Minister Koirala further said that Nepal received over Rs. 50 billion in foreign aid during the first five months of this fiscal year. The revenue collection was also up as compared to last year, he added.

Koirala said that measures should be taken so that the programmes mentioned in the budget would not face shortage of funds. “Do not ask for budget amending the programmes; the government will not allocate budget to such programmes”, he added.

“I am looking forward to handing over a vibrant and well-functioning economy to the new government,” he said.

Finance Minister Koirala had presented the budget for Fiscal Year 2013/14 on July 14, 2013.

Advisor at the Ministry, Dr. Chiranjivi Nepal, said that the economy is headed towards positive course which is positive in creating employment and increased economic growth rate.

Also, he called for increasing capital expenditure to achieve 5.5 per cent economic growth rate and added that development would be expedited in the country if capital expenditure is increased.

Similarly, Finance Secretary Shantaraj Subedi underlined the need to take the economic proposal in the Cabinet only after taking permission from the Finance Ministry. He also requested the Finance Ministry to increase the capital expenditure.

Joint-Secretary at the Ministry, Ram Sharan Pudasaini, informed that budget formulation process for the coming fiscal year has already been initiated.

Secretary at the Home Ministry, Janardan Nepal, said that his Ministry has started homework to address the technical problems seen in managing the National Identity Cards.

Secretary at Ministry of Physical Infrastructure, Tulasi Sitaula, said that construction works have been carried out in speedy manner to link the district headquarters of Humla and Dolpa districts with road network within the next fiscal year.