Kathmandu: Finance Minister Barsha Man Pun has stated that the budget for the fiscal year 2081-82 BS (2024-25) remains objective despite significant pressure on resource management.

Presenting the budget proposal to the House of Representatives (HoR) for general deliberation, the Finance Minister expressed confidence that the budget would alleviate civic frustrations and counteract the economic slowdown.

Minister Pun acknowledged the challenges faced during the budget formulation due to shrinking resources. He noted the high expectations for the budget, particularly regarding its potential to encourage youths to seek career opportunities within Nepal and motivate the private sector. The Minister emphasized that the budget, despite limited resources, has been deemed balanced and objective by the private sector.

The budget is based on the principles and priorities set by the outgoing Finance Minister, Dr. Prakash Sharan Mahat. Changes in tax rates were made selectively and only after thorough analysis, aiming to avoid jeopardizing political stability. The Finance Minister reported that the nation's economy is gradually improving, with an estimated 3.9 percent economic growth rate this year, up from 1.9 percent last year, indicating a slow but ongoing recovery.

Minister Pun also highlighted the collaborative efforts of Prime Minister Pushpa Kamal Dahal 'Prachanda' and CPN (UML) Chair KP Sharma Oli in facilitating the budget's development. The budget formulation process acknowledged the need to alleviate frustrations among the youth and boost private sector confidence. Despite resource constraints, the budget aims to control inflation and address price hikes, particularly in essential goods.

The budget was formulated with input from various sectors and lawmakers, ensuring that it addresses broader concerns and feedback. Minister Pun assured the National Assembly that the budget is balanced and considers the limited national resources, aiming to stabilize and grow the economy amidst prevailing uncertainties.