Kathmandu: The government's policies and programmes for the upcoming fiscal year 2081-82 BS (2024-25) have been endorsed by the House of Representatives (HoR). During a session held today, Prime Minister Pushpa Kamal Dahal 'Prachanda' proposed the endorsement of these policies and programmes, which was subsequently approved by the HoR.

Prime Minister Dahal had earlier initiated discussions on these policies and programmes, which were presented by the President before the joint sitting of both houses of the Federal Parliament on May 14. During today's session, he responded to various queries raised during the discussions. The HoR is scheduled to meet again at 4:00 pm on May 28.

In another significant development, Finance Minister Barsha Man Pun presented the Economic Survey for the Fiscal Year 2023/24 amidst protests and sloganeering by the main opposition party, the Nepali Congress. The survey reflects and analyzes the overall economic, social, sector-wise development, and good governance across federal, provincial, and local levels during the last fiscal year and up to the first eight months of the current fiscal year.

Finance Minister Pun noted that the country's economic and social indicators have gradually improved, with an estimated economic expansion of 3.9% driven by growth in the agriculture and service sectors despite contractions in the productive, industrial, and construction sectors. The economic growth rates of Gandaki, Bagmati, and Lumbini provinces are expected to surpass the national average. Total investment is projected to increase by 2.8% to reach Rs 1,741 billion and 480 million in the current fiscal year.

Per capita income is estimated to reach $1,456, and average consumer price inflation stands at 6.08% as of Phagun (March 13, 2024). Revenue mobilization has shown gradual improvement, with federal government revenue collection increasing by 9.7% to Rs 639 billion and 50 million by Phagun of the current fiscal year. Federal expenditure rose by 2.9% to Rs 801 billion and 580 million during the same period.

The total public debt has reached Rs 2,388 billion and 260 million, with domestic debt accounting for 49.6% and external debt 50.4%. In the fiscal year 2079/80 BS (2022/23), provincial and local levels received Rs 517 billion and 620 million, which includes Rs 397 billion and 260 million through fiscal transfers from the federal level and Rs 120 billion and 260 million through revenue allocation.

Minister Pun emphasized that the fiscal sector is gradually improving, noting adequate liquidity in the banking system and a decrease in the interest rates for loans and deposits. Loan disbursement to the private sector has increased by 5.6% as of Phagun of the current fiscal year. The per bank branch population has reached 2,515, reflecting the expansion of the banking network, electronic transactions, and financial literacy promotion.