Every time public debt-related data is released, certain topics come into the limelight. Like, aren't we falling into a debt trap? Are we using the external and internal loans we are taking? Is the loan yielding relative returns?

How strategic and how long-term are we thinking about taking loans? But it is not found that such a discussion is directed towards a serious debate. Such a topic has to be overshadowed by superficial discussion. And, after the release of new data, the same discussion is repeated.

Nepal's public debt has reached 24 trillion 92 billion 41 crore rupees by the end of November, it is necessary to have a serious debate about it. Especially the government administrators and policy makers should be sensitive to this.

According to the data up to October, the public debt reached 25 trillion 18 billion 50 million. Public debt outstanding by the government reached a new high at that time. But due to the impact of the exchange rate, the loan liability decreased by 25 billion 64 million by the end of November. As of mid-November, public debt stands at 43.69 percent of gross domestic product (GDP). If you look at the numbers alone, the debt is not a huge burden. But along with the loan, interest rate and terms, one should also take care of what the loan is taken for or is being taken.

Political figures or some others may publicize the opinion that they do not take loans for popularity. But it should not be forgotten that taking loans is Nepal's obligation. The government itself has brought a deficit budget of around five trillion. There is no option to take public loans to meet that amount. This year, the government has set a target of raising public debt of 5 trillion 47 billion rupees. This is our reality. From whom, at what rate, for what kind of project should be taken a loan should be discussed. On the other hand, when our revenue collection has reached a point where we cannot cover our current expenditure, we have to borrow for capital expenditure. Now the situation of having to take a loan and pay the loan is also being created. The reason for the creation of this situation is obvious, in the past we have taken loans for such projects with expectations, they have not yielded relative returns. They could not play a significant role in increasing our economic activity and capacity. It is clear that our current expenditure is increasing but mitigation measures are not being taken. Along with the

, the global recognition of public debt also does not allow us to be negative towards debt. Loans taken in special situations like earthquake and covid become natural. On the other hand, any country takes loans for large projects that are not within its capacity. Loans are taken especially for big projects like airports, roads, fast tracks. The selection of such projects and the search for loans should be sensitive. There should be a strong consensus that taking loans and spending for such projects will have a positive qualitative impact on our development aspirations, employment growth, economic activity, and economic returns. Otherwise, the ruler or policy maker in Hachuwa may take a loan and proceed with the construction of such a project, but the construction work may not be completed for years or it may not be used even after construction. Pokhara Airport, which was built last time, is such an example. This airport, which was built with Chinese loan assistance, has not been able to handle international flights. As a result, its justification has not been established. But Nepal has to bear the burden of the debt.