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Financial situation in Nepal satisfactory: FM

07-12-2010 13:33 BJT

KATHMANDU, July 12 (Xinhua) -- Nepali Finance Minister Surendra Pandey has presented Economic Survey of the fiscal year 2009/2010 and the financial situation of different public enterprises and corporations at the meeting of the Legislature Parliament.

According to Monday's The Rising Nepal daily, on presenting the survey on Sunday, Pandey claimed that the financial situation of the country remained satisfactory despite political uncertainty and a number of economic problems.

Pandey said that the revenue mobilization in the current fiscal year was estimated to grow by 24.6 percent and the proportion of government revenue and gross domestic product (GDP) was estimated to grow to 15.1 percent this year from 14.5 percent in the previous year.

However, the aggregate GDP is estimated to grow by 3.5 percent in the current fiscal year as compared to the growth of 4 percent achieved in the previous fiscal year.

Growth in the agriculture sector is estimated to remain at 1.2 percent due to decline in agriculture products owing to adverse climatic situation, he said.

Similarly, economic activities in the non-agriculture sectors could not expand as desired due to domestic factors such as frequent closures, strikes, complex labor problems and interrupted power supply on the one hand and contraction of external markets on the other, he said, adding all these factors contributed to non- achievement of economic growth as targeted.

Editor:Jin Lin |Source: Xinhua

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