Finance Minister Barshaman Pun has stated that the upcoming fiscal year will be a year of economic reform.

He made the announcement while presenting the budget for the upcoming fiscal year at the joint meeting of the House of Representatives and the National Assembly on Tuesday.

He said that the economic sector is becoming dynamic due to the continuous efforts of the government.

The finance minister said a new phase of economic reforms was necessary for building a prosperous, socialism-oriented nation. He said the government prepared the budget for the next year, focusing on economic reforms.

He said that the amendment of eight laws at the same time would help create an investment-friendly environment and make policy reforms.

A Cabinet meeting last month amended some Acts through ordinance with an objective to attract investments into the country by removing the red tape. The government had taken the initiatives just ahead of the investment summit held in Kathmandu.