FinMin stresses on 7% growth rate

KATHMANDU, June 25:

Finance Minister Shankar Koirala has stressed on the need to maintain economic growth rate of seven percent per annum till 2022 to lift Nepal from the category of least developed countries.

“It is a big challenge to achieve such a growth target, but this is necessary if Nepal wants to graduate to the list of developing countries,” he said, presenting ´Model Budget 2013/14´ in Kathmandu on Monday.

Minister Koirala said the budget for the next fiscal year would incorporate core development agendas.

“We won´t be giving handouts this time or introduce meaningless programs with catchy slogans,” he said, adding, the budget will be prepared keeping in view the incumbent government´s key responsibilities of holding elections, promoting good governance and ensuring security.
“We hope the upcoming fiscal policy will also appeal to the private sector,” the minister further said.

Speaking on the occasion, Dr Chiranjivi Nepal, chief economic advisor at the Ministry of Finance, said achieving high economic growth rate would not be a problem for the country once political situation improves.

“If there is political stability, the economy will start expanding,” he said.
Finance Secretary Santa Raj Subedi said the government would strive to make upcoming budget investment friendly.

Source: Republica