Finance Minister Janardhan Sharma’s white paper forecasts little recovery for an economy owing to Covid and mismanagement, while blaming the current economic climate to the Oli administration’s ambitious budget. As per the report, accumulated national debt ballooned from Rs48 billion in early April 2017 to Rs143 billion last fiscal year. Public debt is also rising at Rs1.729 trillion.
After the economic growth plummeted to -2.1% in 2019/20, it is expected to reach only 1% this year while people living below the poverty line increasing to 18.7%. Sharma on the other hand has pledged to set aside Rs5 billion for the procurement of Covid vaccines.
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