Ministry of Finance Publishes Three-Month Progress Report, Claims Economic Improvement

The Ministry of Finance has released a progress report covering the first three months since the formation of the new government, claiming that the economy is on the path to recovery. The ministry highlighted the establishment of a High-Level Economic Reform Commission, improvements in revenue collection, increased capital expenditure, remittance growth, and a healthy foreign currency reserve.

High-Level Economic Reform Commission: A commission has been formed to provide recommendations for the improvement of the country’s economy.

Increase in Revenue and Capital Expenditure: Capital expenditure increased by 65%, and revenue collection rose by 13% compared to the previous year.

Improvement in Interest Rates and Loan Disbursement: The average interest rate has been maintained at 6.151%, and loan disbursement to the private sector has increased.

Foreign Currency Reserves and Remittances: As of the end of Bhadra, foreign currency reserves have reached NPR 2.152 trillion, and remittances have increased by 15%.

Budget Implementation Guidelines: A 73-point guideline has been issued to improve spending and make budget implementation more effective.

Credit Rating: The sovereign credit rating of Nepal is in its final stages of assessment.

Mahesh Bhattarai, spokesperson for the Ministry of Finance, stated that private sector confidence has grown, the capital market is becoming more active, and the overall economy is improving. The ministry's initiatives are expected to contribute significantly to strengthening the nation’s economy.