Excessive import of agro products will be controlled: Finance Minister

KATHMANDU: MAY. 20 – Finance Minister Janardan Sharma has said the government had prioritized the control of excessive import of agricultural items which can be produced within the country. It would help strengthen the national economy, he argued.

He admitted that the national economy witnessed stress due to the COVID pandemic, unseasonal rains, and the Russia-Ukraine conflict. However, the effects should be minimized gradually, Sharma added.

Minister Sharma was saying it in response to the lawmakers’ query on the priority and principles of the forthcoming appropriation bill. Finance Minister urged everyone not to politicize the economic problem, arguing it as a crisis.

He presented the data from the Central Bureau of Statistics that the economic growth rate was near six percent amid various challenges. If the situation was normal, the country would have speedy economic growth.

Although it was expected to limit the inflation at 6.5, it increased slightly, he said, adding that country imported the things amounting Rs 1,600 billion while exports was worth Rs 173 billion. The foreign exchange reserve is also decreased slightly, he added.

According to him, the government at present was implementing the budget prepared by the previous government. He informed that the plan to construct a 50-km-long road at the cost of Rs 2.4 million was terminated for now. However, the road construction which had passed the contract procedure was continued unabated.

The Finance Minister said the budget priorities and principles were set as per national need. The aspiration of downtrodden people from across the country would be addressed in the budget priorities.