April 27: Finance Minister Dr. Prakash Sharan Mahat has emphasized the importance of collective efforts from all sectors and parties to improve the struggling economy. 

During the National Assembly's discussion on a proposal of urgent public importance on economic improvement on Wednesday, Dr Mahat pointed out that the government's efforts alone would not be sufficient to bring about the much-needed economic improvements.

Dr Mahat acknowledged that the current economic issues were not solely caused by the incumbent or previous governments, and called for a shared perspective among political parties to revitalize the economy.

While acknowledging that the country's economy is facing several challenges, Dr. Mahat reassured that it is not beyond our capacity to manage.  Mahat stressed that patience is required to address the issues, which have been accumulating over a long time. 

Finance Minister admitted that there are structural problems in the economy and noted that social security obligations and recurrent spending are on the rise.The Finance Minister affirmed that the government is committed to resolving the issues with the support of all sides. 

Minister acknowledged that the problems are not caused by the current or previous governments alone, and that it would take time to find a solution. However, he pledged to work with honesty and utmost efforts for the greater good of the country and its people.

Dr. Mahat  said that the present economic problem is caused by loose monetary policy during the COVID pandemic, low capital spending due to elections, rising interest rates due to liquidity crunch, low absorbing capacity, and the tendency to spend capital expenditures at the end of the fiscal year.

Minister stated that although it may take time, the government is dedicated to making the economy dynamic through collective efforts and reform measures with support from all sides.