Newly Appointed Finance Minister 'Dr. Prakash Sharan Mahat' Declares that Strengthening the Faltering Economy will be his Top Priority
A new Finance Minister has been appointed for the nation as a result of Prime Minister Pushpa Kamal Dahal's "Prachanda" restructuring of the government. Dr. Prakash Sharan Mahat, the head of the Nepali Congress, has been announced as Finance Minister.
Previously Dr. Prakash Sharan Mahat served as Nepal's minister of foreign affairs. He is passionate about promoting inclusive economic development and has been active in the country's peace process, democratic movement, and efforts to resolve disputes.
All sectors are hopeful that the economy, which has been sluggish for a while, will pick up pace now that Mahat, an economist with a Ph.D., is the finance minister. They have faith that Dr. Mahat, who has worked in a number of departments in the past, will take decisive action to strengthen the economy.
Keeping the economic situation in mind, the official representatives of the Federation of Nepalese Chamber of Commerce and Industry met with the newly appointed Finance Minister. At that meeting, Shekhar Golchha, president of the Federation, provided a briefing on the most recent condition of the economy. Chairman Golchha proposed during the meeting that the market should be given more liquidity in order to lower the interest rate. He proposed that the government and the central bank work together in order to lower the interest rate.
Golchha also recommended raising government spending, claiming that it is moving too slowly. Golchha has asked for an increase in government spending, which is currently only 24 percent. Since the government's current revenue is low, it is challenging to pay for ongoing expenditures.
Similar to this, the Chairman also advised Mahat that the state apparatus should be completely utilized to halt illegal imports from the border, as doing so would also aid in revenue growth.
Golchha also urged donors to take action to bring in funding from overseas and requested a meeting with local donors as well. Similarly, a strong emphasis on spreading themes that uplift the spirit of business has also been recommended, and that the private sector not panic under the guise of increasing income and that morale should be raised to foster a climate conducive to progress.
Taking all the suggestions, Dr. Mahat has promised that since improving the troubled economy is his top priority and commitment, he will proceed with the ideas and collaboration of the private sector umbrella organizations.
