Government coffers empty: Nepal

Nepal’s economy is in a dismal shape and its coffers are almost empty, a government white paper has said (File Photo)

Nepal’s economy is in a dismal shape and its coffers are almost empty, a government white paper has said and admitted the international community may not find the situation encouraging enough to invest. Finance Minister Yubaraj Khatiwada blamed repeated violation of the budget discipline for the situation.

He said it has arisen because of massive tax exemptions given against the established tax system and principles. He said Nepal’s 105th rank in the World Bank’s ‘Doing Business 2018’ report and 122nd in the Corruption Perception Index of the Transparency International impeded Nepal’s journey towards prosperity.