Government Committed to Resolve Economic Problems: FM Dr Prakash Sharan Mahat

Finance Minister Dr Prakash Sharan Mahat has said government is committed to resolve economic problems. Minister Mahat said it with a delegation of economic media association, Nepal (EMAN) in the Ministry on Sunday.

He informed that efforts were underway to bring economy to right track. "Government is focused on addressing the economic problems immediately to give a positive message. Investment, interest rate, capital market and problems of private sectors are pressing issues to address," Minister Mahat shared. He admitted that revenue collection was declined due to foreign and domestic problems.

Nepal's revenue collection is largely dependent on customs, and there was import ban this year, which dented revenue target. Although there is problem in current spending, other economic indicators including foreign currency reserve were positive.

The Ministry is striving to create harmony between monetary policy and economic policy with the cooperation of Nepal Rastra Bank. He however said the government liability as spending on salary, allowance, education and health could not be compromised, he explained.

According to the Minister, social security spending could be upped once the revenue was increased. Promotion of domestic and foreign investment is imperative, he viewed.