Nepal aims to achieve for economic growth, stability through combination of fiscal and monetary policies

Unveiling plans and policies for the upcoming fiscal year, Nepal has announced its aim to achieve economic growth and stability through a combination of fiscal and monetary policies. Nepal President Bidhya Devi Bhandari while reading out the plans and policies for the fiscal year 2022/23 in the joint meeting of both the houses on Tuesday stated that government would focus on agriculture, transport, ICT, and industry and other sectors for it. The government has given priority to the issues of conservation, utilization and beneficial distribution of natural resources through the coordination of all three layers of government. The government aims to increase domestic production by advancing industrialization through clean programs and a green economy through renewable resources. The president said that the government will prepare a concrete plan to prepare Nepal for its graduation into a developing country as mandated by the United Nations. While focusing on economic growth, the president also said the government will control inflation to a certain point. Nepal has planned to formulate a new development to address problems appearing in the development process and capital expenditure spending. Likewise, the government will make necessary amendments to the public procurement laws to make the development process smooth.