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Finance minister presents bleak picture of economy

By Our Reporter
Finance Minister Dr Yubaraj Khatiwada has presented a bleak picture of Nepal’s economy and has blamed the distribution -oriented programmes for the poor economic status.
Unveiling whitepaper on Friday, Dr Khatiwad pointed out economic challenges facing the country due to various causes.
He identified lack of proper capital mobilisation in part for economic challenge and stated some difficulties in budget expenditure.
He said big projects have failed to be completed in stipulated time in the estimated costs, industry sector has failed to become competitive and investment in employment and production sectors has shrunk.
He also stressed the need for all to help achieve the goal set by the government to upgrade the country to the list of developing one by 2022.
“Industries established by the government are in loss. Problem of unemployment is growing in Nepal’s labour market. Fiscal mobilization is yet to reach rural areas,” he added.
Stating that domestic capital market was just limited to securities, he said the entire nation’s economy had become import-oriented. Allocation of budget without proper plan and the trend of spending capital budget at the eleventh hour of the fiscal remained as challenges in the economic sector. “Huge budget has been invested to operate a pension fund.”

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