The 2024-2025 budget is a balanced budget that continues to focus on sustainable economic growth.

Building on the successes of the previous budget, Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, emphasized major tax reforms, strategic spending, and a commitment to reducing the debt-to-GDP ratio.

Professor Prasad says that in the last budget, the coalition government implemented major tax reforms, resulting in an additional $600 million in revenue.

“This was strategically channeled into critical areas such as capital expenditure, maintenance, social welfare, education, and health. We executed this very effectively last year.”

Professor Prasad highlighted the government’s ongoing efforts to reduce the budget deficit and debt-to-GDP ratio.

“This budget continues our downward trend in the debt-to-GDP ratio and budget deficit. While we initially forecasted a 4.8% deficit, we are now achieving about 4%. Our goal was to reach 3.5%, but due to external economic challenges and domestic issues like labor shortages, growth has slowed from 3.4% to 2.8%.”

Professor Prasad says the budget is balanced and forward-looking, providing a stable foundation for sustainable economic growth.