Policy and Program of Government of Nepal 2079/2080: On behalf of the government, President Bidyadevi Bhandari is presenting the policy and program for the coming fiscal year 2079/80 in the joint sitting of the federal parliament today.
According to the Government official, the preparation of relating the policy and program has been completed.
The Policy and Program of the Government of Nepal 2079/80 will focus more on import substitution and popular election-oriented programs, including increasing domestic production.
On the basis of this policy and program, the budget will be presented in the parliament on May 30, 2022.
Policy and Program of Government of Nepal 2079/80
In the coming Fiscal Year 2079/80, there is a readiness to create a conducive environment for attracting foreign investment, bringing a private sector friendly policy, expanding the scope of taxes and focusing on the production of agricultural commodities which are possible to produce at home.
The government is prepared to promote agriculture and industry as areas of competitive advantage. Policies will be developed to avert resource shortages in areas of national pride and importance. According to the Finance Minister, spending on non-productive sectors would be decreased, and service delivery will be based on information technology.
The general (current) expenditure is expected to be cut by up to 20% in the following fiscal year. For this reason, the Ministry of Finance has instructed all ministries to prepare for budget cuts. Policies and programs to reduce government spending will also be made public.
The policy and program have been finalized by the government. The strategy and program were developed after negotiations with several theme ministries, bodies and organizations, as well as stakeholders, including the corporate sector, according to the Ministry of Finance.
The document prepared by the Ministry of Finance has also been evaluated by the Prime Minister’s Office and the Office of the Council of Ministers. President Bhandari will propose the policy and program to the parliament after the cabinet meeting today.