Second phase of economic reforms begins, Minister Mahat says

Finance Minister Dr Prakash Sharan Mahat has said that the second phase of economic reforms has started in the country with the inception of the implementation of the upcoming fiscal year’s budget.

Talking to Rastriya Samachar Samiti (RSS) today, Minister Mahat said the economy in the country is on the way to improvement and the implementation of the upcoming fiscal year’s plans and programmes would bring about more positive vibes in the economy.

“The new budget is proposed to bring the economy on track. Second phase of reforms has started from this. We have to intensify this reform,” Dr Mahat added.

The first stage of economic reforms was started in the country with the incorporation of economic liberalization and open market in early 1980s.

The Finance Minister also claimed that the indicators of economy have shown positive signs lately adding that the foreign exchange reserve has increased and tourism industry has progressed.

Dr Mahat further said that the bank’s interest rate is likely to decrease adding that new momentum could happen after the new monetary policy to be issued by the Nepal Rastra Bank for the upcoming fiscal year.

The Finance Minister expressed the confidence that the monetary policy will have some relaxed provisions in coordination with the fiscal policy unveiled by the government.