Former Finance Ministers Advise Against Including Retail Projects in Budget Without Prior Preparation

Finance Minister Dr. Swarnim Wagle has consulted with eight former finance ministers to gather suggestions for preparing the upcoming fiscal year’s budget. These former ministers advised that retail projects should not be included in the budget without adequate prior preparation and emphasized the need to implement the recommendations of the Economic Reform Task Force. They also recommended granting the private sector unrestricted access to the electricity trade, limiting revenue growth, and preventing arbitrary halts to nationally significant projects. (7 Jestha, Kathmandu)

During an event held in Kathmandu on Wednesday, Dr. Wagle collected various recommendations from the eight former finance ministers regarding the forthcoming budget. At this occasion, the ex-ministers expressed that including retail projects in the budget without sufficient groundwork is inappropriate. Outgoing Finance Minister Rameshwar Khanal stressed the complete implementation of the Economic Reform Task Force’s report and advised against allocating budget for fragmented or unprepared projects.

Former Finance Minister Shankar Koirala suggested monitoring the follow-up of prior economic reports guided by figures like Rameshwar Khanal. He wished success to the current finance minister and advocated opening electricity trade to the private sector. Dr. Yubaraj Khatiwada recommended that the finance minister keep the budget within limitations and proposed that revenue growth be capped between 10 to 12 percent. He also indicated that the upcoming budget size should be approximately NPR 20.5 trillion.