Nepal | June 03, 2020

7pc growth expected in current fiscal

• ECONOMIC SURVEY

Himalayan News Service
Share Now:

Kathmandu, May 27

The government has predicted an economic growth rate of seven per cent in the current fiscal year 2018-19.

As per an economic survey report of the past eight months of the current fiscal presented by the government today, inflation rate on average during this period will remain at 4.2 per cent.

The report unveiled by Finance Minister Yubaraj Khatiwada stated that most economic, social and physical infrastructure development indicators in the current fiscal were satisfying. On the occasion, the minister went on to say that notable improvement was witnessed in the financial sector in the ongoing fiscal.

Minister Khatiwada also claimed that the country recorded an increase in per capita income, gross domestic product and saving capacity this year. He mentioned that the level of poverty too has significantly dropped in the country.

He further added that the legal and policy reforms that have been made to attract domestic and external investment would ease the growth process.

The nation’s economy is heading towards high growth due to the improvement in investment atmosphere in the wake of political stability in the country, regular power supply and a rise in development efforts at the local level, Khatiwada stated.

He also mentioned that expansion of economic activities has resulted in the increase in per capita income.

As per the report, people’s saving capacity has also increased with the rise in gross domestic product and the internal saving rate exceeded 20 per cent of GDP for the first time in many decades and it has significantly contributed to the building of national capital.

Minister Khatiwada stated that the policy-level and legal reforms made for attracting domestic and foreign investment have gradually paved the way for sustainable and high economic growth. “However, trade deficit is predicted to remain high due to expansion in import of industrial and capital goods and a limited export size.”

Till mid-March, the total government expenditure increased by 2.2 per cent compared to the corresponding period of last fiscal year and reached Rs 541 billion.

Similarly, Rs 500 billion revenue was deposited in the Federal Reserve Fund, which was 21.7 per cent more than of the previous year.

Similarly, commitments for additional Rs 107 billion foreign assistance, including grants, have been received.

Meanwhile, total public debt during the period stood at Rs 978 billion, including foreign loans.


A version of this article appears in print on May 28, 2019 of The Himalayan Times.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Post-partum woman rescued from Baglung

POKHARA: A new mother was airlifted from Baglung and brought to Pokhara after she developed complications in her health post delivery. It has been learnt that the woman, who delivered her baby 10 days ago, had to be brought to Pokhara-based Western Regional Hospital as she fainted consequential t Read More...

Sunny Leone supports wildlife learning centre in LA

KATHMANDU: Sunny Leone seems to be helping animals return to the wild — it is evident in a Instagram post on June 2. Leone, who is currently in Los Angeles with her family, can be seen feeding a giraffe in the video. She has captioned the post as: "Felt so blessed we could support this w Read More...

Body of sixth person missing in Chaurjahari massacre found after 10 days

JAJARKOT: The body of the sixth victim of Chaurjahari massacre, wherein Dalit youth Nawaraj Bk and his friends were attacked by the villagers in Rukum West ten days ago, was found today in the banks of Bheri River. According to Deputy Superintendent of Jajarkot District Police Office, Kishore Read More...

Brazil

Brazil sets another record for daily coronavirus deaths

RIO DE JANEIRO: Brazil registered another record number of novel coronavirus deaths over the last 24 hours, the health ministry said on Tuesday evening, as the pandemic in Latin America's largest country shows no signs of slowing down. The nation registered 28,936 additional cases of the nove Read More...

High-level panel to decide on easing lockdown by tomorrow

KATHMANDU, JUNE 2 The High-Level Coordination Committee for the Prevention and Control of COVID-19 formed under Deputy Prime Minister and the Minister of Defence Ishwar Pokharel will decide in a day or two whether or not to ease the lockdown. Member Secretary of the committee Narayan Prasad Bi Read More...

FIFA adds voice to protests over Floyd's death

BERN: World soccer's governing body FIFA has joined sports leagues, teams and players around the globe to express solidarity amid outrage over the death of George Floyd, an unarmed black man killed in police custody in the United States. The National Football League, National Hockey League an Read More...

Nepal's ruling party stresses dialogue with India to resolve territorial dispute 

Kathmandu, June 2  Nepal Communist Party (NCP) lawmaker Narayan Kaji Shrestha urged India to sit for dialogue with Nepal to resolve Limpiyadhura, Lipulekh and Kalapani issues. He welcomed Indian Defence Minister Rajnath Singh's remark about resolving border disputes with Nepal through dia Read More...

Nepali Congress registers statute amendment bill 

Kathmandu, June 2 The main opposition Nepali Congress today registered a private constitution amendment bill at the Parliament Secretariat seeking to change the constitution's provisions related to citizenship, language, provincial boundaries and formation of a boundary commission. Eight Nepal Read More...