Entire state mechanism to be needed to solve the economic problem: Finance Minister Mahat

KATHMANDU: Dr. Prakash Sharan Mahat, the newly appointed Finance Minister, has stated that the entire state mechanism will be used to solve the financial problems.

Finance Minister Mahat stated after taking the oath of office and secrecy on Friday that the current economy is in trouble and that he will reform the entire state machinery.

He claimed that the country’s economy is in crisis due to a variety of factors and that he would only leave the troubled economy if it improved. He stated that the government’s general spending would be reduced, and that the government would only spend by prioritizing.

Finance Minister Mahat stated that the government will broaden its revenue base by increasing spending capacity and increasing investment. He stated that the government will not reduce taxes in order to increase revenue and tax collection.

He stated that the ministry must be active in order for the economy to be internally viable. He stated that there is a problem in microfinance and cooperatives, which they will resolve by coordinating and cooperating with the Rastra Bank.

Finance Minister Mahat urged the private sector to invest with a positive mindset, transforming people’s disappointment into hope.

He stated that Mahat will not be afraid to make difficult decisions in order to improve the economy, which is in crisis. He expressed concern that capital expenditure had not increased and market demand had decreased.