Finance Minister Wagle also says that citizens should not always be in a position to receive assistance, but rather be put in a position to earn income.
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Finance Minister Swarnim Wagle has said that poverty will not be reduced by distributing cash alone. Responding to questions raised by lawmakers in the House of Representatives meeting held on Thursday, Finance Minister Wagle clarified that the budget has not prioritized cash distribution. However, he said that social security programs have not been cut.
'Politically, we have abandoned the dual character. We have focused on strengthening the regulatory body. We have come out of the old thinking that the state will do everything itself and view the private sector with suspicion. We are also far from the extremist thinking that the market will solve everything. Our approach is based on cooperation between a capable state and a dynamic private sector. The market is not self-made, it has to be created by the state,' he said.
Finance Minister Wagle also said that the state should be strong to bring about equitable prosperity through a competitive economy.
'Our approach to reducing poverty is a bit advanced, we have not cut any of the existing programs in social security. The budget brought here in the name of public welfare and poverty has not been cut, rather we have increased it. But the budget has accepted the reality that poverty cannot be reduced by distributing cash alone,' he said.
He also said that they will not keep citizens in a position of always receiving assistance, but will put them in a position of earning income. He said that in the past, due to the distortion of regulatory practices, trends such as crony capitalism and economic capture have been seen.
