Nepal’s economy, already struggling with the impacts of the pandemic and global geopolitical tensions, is facing a bleak and uncertain future. This is exacerbated by frequent government changes, widespread corruption, and the departure of young people who feel there is no future for them in the country. The budget presents either a new opportunity or a potential crisis. Today is Budget Day in Nepal, as mandated by the constitution.
As we aim to ensure that every citizen understands how their money and taxes are being utilized, and to enhance accountability and transparency, here is the live coverage of Budget Day.
No obstruction from the opposition during the budget presentation as 4-point-agreement has reached between the major parties regarding the probe against coorporative fraud case. The ToR will only be revealed after getting the final green signal from the Prime Minister Dahal. Therefore, the meeting is to expected to peaceful unlike the recent ones.
In a survey conducted by the International Budget Partnership (IBP) in 2021, Nepal was ranked 77th out of 120 countries for budget transparency. Untimely and non-disclosure of key reports, low comprehensiveness of budget documents, absence of citizens’ budget, and limited public participation in budget formulation are key institutional bottlenecks driving Nepal’s low budget transparency.
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“Despite the economic reforms introduced in the 1990s aimed at establishing a liberal market-based economy, successive governments in Nepal have displayed minimal support for private businesses over the past three and a half decades. The prevalence of crony capitalism has undermined the efficiency of a free market, with only a select few individuals, families, and communities reaping its benefits.”
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Recent data confirm that Nepal’s construction and manufacturing sectors remain in recession. However, the wholesale and retail sector has managed to avoid this downturn, while tourism and agriculture have seen slight growth. Economists have pointed out that the country’s economy is struggling, with reduced industrial production leading to increased unemployment. They warn that if lawmakers do not prioritize the annual budget in the current context, it could further hinder economic growth.
Recent data confirm that Nepal’s construction and manufacturing sectors remain in recession. However, the wholesale and retail sector has managed to avoid this downturn, while tourism and agriculture have seen slight growth. Economists that the country’s economy is struggling, with reduced industrial production leading to increased unemployment. They warn that if lawmakers do not prioritize the annual budget in the current context, it could further hinder economic growth.
