Microfinance Institutions to be Deployed in Underserved Rural Areas, Says Finance Minister Mahat

Finance Minister Dr. Prakash Sharan Mahat presented the budget for the forthcoming fiscal year 2080/81 during a parliamentary session on Monday. The announcement was made in the joint session of the National Assembly and House of Representatives in the federal parliament.

Addressing the joint session, Finance Minister Mahat emphasized the mobilization of microfinance companies in rural areas where access to formal banking services is limited. He highlighted the concept of social banking, which aims to provide financial services in remote regions lacking banking facilities.

Furthermore, Minister Mahat announced the promotion of microfinance institutions as specialized regional financial entities. Additionally, he mentioned the implementation of the Sana Kisan Enterprise Development Program at all local levels through Sana Kisan Bikas Laghubitta Bittiya Sanstha, gradually empowering small farmers.

As per constitutional requirements, the government discloses the budget on Jestha 15 every year.

Earlier, on Jestha 05, President Ram Chandra Paudel, who held the presidency at the time, presented the policies and programs of the ruling coalition government for the upcoming fiscal year. These policies and programs serve as a roadmap for the government's planned course of action when formulating the budget.