"Revenue mobilization has been slow off the mark"

KATHMANDU, JANUARY 30: Deputy Prime and Finance Minister Bishnu Poudel has admitted that the government has been slow off the mark on revenue mobilization in the current fiscal year. Inaugurating a building of Balaram-Tara Pradhan Energy Lab at Kathmandu University here today, he said that revenue mobilization this year is ineffective as compared to the last year.

"Only 14 to 15 percent of the total capital expenditure has been spent this. It is also worrying," he said, adding that the homework is going on to improve the situation and prepare the next year's budget accordingly.

The entire economy is facing challenges, he added. Interest rates, inflation, and trade balance are some challenges that need to be addressed. The Finance Minister sought cooperation from all stakeholders to restore the economy. Minister Poudel also expressed worry over the exodus of youths for higher education and foreign jobs. "Numerous youths are leaving countries for quality education, which has dented the state coffers," he observed. He pointed out the need for providing quality education for the overall development of the country.

On the occasion, he urged everyone to adhere to the ideals of the late hydro engineer Balram Pradhan. The programme was attended by Vice Chancellor of Kathmandu University, Bhola Thapa, Registrar Dr. Achyut Wagle and others. The two-story green hydrogen lab was constructed at a cost of Rs 26 million. Among the total cost, Pradhan's family had provided Rs 4.5 million in assistance.