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Budget will kick start Nepal's sluggish economy

Staff writer |
Two days after announcing the annual budget for the fiscal year 2014-2015, Nepal's Finance Minister Saran Mahat claimed that the annual fiscal policy will kick start the sluggish economy of the poor South Asian country.

Though the budget does not introduce any new programs as such, the Exchequer said as budget has laid maximum focus on financial reformation; it will help give momentum to the stagnant national economy.

The Nepal government announced $6.18 billion worth of annual budget for the fiscal year 2014-2015. This is the first time that the government succeeded introducing full- fledged budget on time in the last four years.

"The amount allotted by the budget alone does not suffice for the economic growth," said the minister during a post-budget interaction held in Kathmandu, "it equally requires policy level intervention which the budget has talked about." According to him, his ministry has already begun preparations for revising more than two dozen laws and policies that would positively impact country's economic and business environment.

The minister also said the budget has focused on simplifying policies, structures and procedures that have appeared as obstacles for the economic growth claiming that such an effort will bear fruit very soon.

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