Finance Minister Dr Prakash Sharan Mahat has said that there is a huge pressure on resource management for the new budget of fiscal year 2080/081 BS.
Responding to the lawmakers' concerns raised in the deliberations on the principles and priorities of the Appropriation Bill in the House of Representatives (HoR) meeting on wednesday, Minister Dr Mahat said that unlimited needs could not be fulfilled with limited resources.
"We have several expectations and needs but our means and resources are limited. We have a challenge to meet our needs and aspirations from limited resources and means. This is obvious as well. However, new priority is to be determined within the sectoral priority in the budget," according to the finance minister.
In his response, Finance Minister Dr Mahat said he wants to move ahead by admitting real challenges of the economy. He added that the economic growth rate is not as expected, revenue collection is lower than the target, trade deficit has gone up and the liability of the sovereign debt has increased.
Likewise, Minister Dr Mahat said that the economy is not in a shambles but growth has slowed. He also hinted at taking austerity measures from the beginning of the new fiscal year.
On the occasion, the Finance Minister said that he will make efforts to incorporate the feedback offered by the lawmakers in parliament.
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