July 11: Finance Minister Dr. Prakash Sharan Mahat said that the second phase of economic reforms begins in the country with the implementation of the forthcoming fiscal year's budget.

Speaking to the media in Kathmandu on Monday, Minister Mahat expressed optimism about the nation's economic improvement and emphasized that the budget for the fiscal year 2023/24, along with accompanying plans and programs, will usher in positive momentum for the economy.

"The new budget is designed to steer the economy back on track, marking the beginning of the second phase of reforms. We must accelerate these reform efforts," Dr. Mahat stated.

The initial stage of economic reforms was initiated in the early 1980s with the introduction of economic liberalization and an open market in the country.

Additionally, the Finance Minister highlighted positive signs in the economy, such as an increase in foreign exchange reserves and advancements in the tourism industry.

He further anticipated a potential reduction in bank interest rates, citing the upcoming monetary policy to be issued by the Nepal Rastra Bank for the upcoming fiscal year.