Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has said collective efforts are imperative to resolve the problems in the national economy emerged in the wake of global crisis. In his virtual address to the ‘Voice of South Summit’ on Thursday, Minister Poudel viewed the economic crisis followed after the COVID-19, so collective initiatives are needed to cope with the difficulty.
The Finance Minister further said, “Nepal is moving ahead to be graduated to the status of developing country from the least developed country by 2026. We’re focused on the agenda of ‘prosperous Nepal: Happy Nepali’. The human development and economic grow would go together, he added.
According to him, Nepal has prioritized the infrastructures, education, health service and social security for economic transformation of the country. In order to achieve the sustainable development goals from 2016 to 2030, Nepal needs Rs 585 billion every year.
“If 2019 is taken as a base year, this amount is 12.8 percent of GDP. As it is the projection made before COVID-19, it may rise,” Finance Minister Poudel viewed, adding that financial sources is being sought to address the dearth.
Nepal has maintained cooperative relations with bilateral and multi-lateral development partners, he informed, and thanked them for the support they provided for development plans and implementation of projects.
He further shared that Nepal is eager to expand the development finance and be benefitted from south-south and triangular cooperation. The Minister also thanked Indian government for its continued support to Nepal for the socioeconomic developments here. The Summit was attended by the finance ministers from 15 countries, including Nepal, India, Sri Lanka, and Colombia, according to Finance Ministry.