”Until domestic revenue is increased, there would be a need to take loans,” Finance Minister Sharma stated

Kathmandu, June 10

Domestic and foreign loans would be required until the government becomes self-sufficient via increasing internal revenue, according to Finance Minister Janardhan Sharma.

On Friday, he mentioned this when speaking to the Finance Committee of the House of
Representatives about the Public Debt Management Bill, 2076 BS.

He stated that the administration has established a goal for the country to progress from
undeveloped to developing status by 2026 BS.

Minister Sharma stated that the government will need to borrow money in order to reach the 2026 objective for developing nations. He stated that the habit of borrowing and spending on projects needed to change. He said that the majority of the government’s loans were not productive, but rather increased.

The current debt, which includes both domestic and external debt, is Rs 1.737 trillion, according to Minister Sharma. Minister Sharma claims that the government would return the debt of Rs 40-45 billion this year alone.

He claims that the current budget has better financial management in current expenditures
than capital expenditures since the loan must be repaid.