New FM promises timely budget, incentives to private sector

KATHMANDU, Sept 5: The newly appointed Finance Minister Barsha Man Pun on Monday said that his first priority was to get the budget endorsed from the parliament at the earliest so that the development works could be implemented on time.

Pun, who joined the office on the day, admitted that the current government has obligations to adjust various budgetary demands of ruling coalition partner United Democratic Madheshi Front.[break]

“However, we will make sure that the new revisions do not affect timely endorsement of budget from the parliament,” he said, adding that the government would not adjust budgetary programs like that. “We will hold talks with opposition parties and effect changes as per the political understanding.”

Pun repeatedly promised that he will not derail the optimism that has been built in the market due to timely announcement of the budget this year, after a gap of three full years.

While speaking on his priority, Pun also stated that the main goal of this government was to conclude peace process and get the new constitution drafted. Though political in nature, he said fulfillment of these goals were crucial, as they alone can raise the investment confidence and ensure production environment in the country.

“The country has remained in transition for long and it has cost the economy dearly. We want to end it now,” he said, emphasizing the need to drive the country on a high growth trajectory. “It is crucial to create opportunities for investors and ensure jobs to people.”

Talking to the press, Pun laid high emphasis on maintaining fiscal discipline and plugging revenue leakages.

“The new government can neither afford nor will tolerate actions that deplete or waste state´s resources. We need huge resources to fulfill the developmental aspirations and deliver justice to the people,” Pun added.

The new FM also committed to intensify dialogue with the donors, admitting that long-running political instability and low spending by the government has disappointed them as well.

Pun also promised incentives and improvement in industrial relations to the private sector. He said he would start interactions with the private sector immediately to address their concerns and give boost to productions and economic activities in the country.

“We are aware that private sector at this juncture needs strong support from the government and wish to see an end to labor problems. I will take initiatives to fulfill all its wishes,” he added.