Seven areas identified as challenges of economic sector

KATHMANDU, May 29: The budget for the upcoming fiscal year that was unveiled Monday identified seven areas including the improvement in the current fiscal and implementation of federalism as the challenges before country’s economy.

Presenting the budget at the Legislature- Parliament Monday, Finance Minister Krishna Bahadur Mahara said introducing federalism in the economic sector would be a new one as a unitary system was in the practice for centuries.

Works relating to institutionalization of recently formed local-levels and those on the process of being constituted, and province governments to be formed in the near future to be formed local-levels, to increase their technical and resource mobilization capacity and to mobilize resources for infrastructure building are really challenging, as stated the Finance Minister in the budget speech.

Incomplete preparation of projects in the budget, weak managerial skill, weak financial and technical capacity of contractors and legal, policy-level and procedural complexities are also taken as challenges of the economic sector.
Other challenges projected by the budget are low spirit prevalent in implementing bodies, targets left unmet and weaknesses in overall human capacity.

Similarly, to increase product and productivity through joint venture among the public-private-cooperative sector, to bring all economic activities through a banking system and make the campaign of opening back accounts of all Nepali citizens successful, to build private houses for earthquake survivors, to rebuild and reconstruct damaged heritages, to conduct micro supervision of public affairs, to increase standard of public construction and control double- triple expenditure, to implement rule of law, to increase effectiveness of service delivery and to promote good governance are described as challenges of this sector. RSS