Finance Minister Dr. Prakash Sharan Mahat stated that the budget allocated for capital expenditure has been reduced due to the growing liability for social security.
Speaking at the 66th annual general meeting of the Morang Trade Association, the minister emphasized that the budget for the upcoming fiscal year, 2023/24, accounts for 17.25 percent.
Furthermore, the minister stressed the importance of increasing capital expenditures to foster a dynamic economy and urged the government to enhance monetary and fiscal policies, despite growing liability for social security. He claimed that the upcoming fiscal year’s budget is pro-people and has been prepared independently.
Addressing the issue of Biratnagar’s development, the minister pledged government support for the construction of the Ring Road in the city and expressed a commitment to promoting industry and trade. Former minister Dr. Minendra Rijal noted that Biratnagar city has fallen behind in terms of trade and industry viability and emphasized the necessity of upgrading Biratnagar airport to meet international standards.
In addition, Nagesh Koirala, the mayor of Biratnagar Metropolitan City, called on the government to promptly release the budget for the local level.
