House panel for timely budget
KATHMANDU, JUN 09 -
The Parliament’s Finance and Labour Committee on Wednesday decided in favour of bringing the next year’s budget on time.
The committee members unanimously decided for bringing the budget within mid-July, realising the fact that any more delays in the budget presentation would hurt the economy already plagued by low development expenditure, liquidity crunch and slow revenue growth. “According to the committee’s decision, the current finance minister will make budget preparations if a new government is not formed within a week” said Hari Roka, a member of the committee from the UCPN (Maoist).
Nepali Congress (NC) lawmakers have also agreed with the decision. However, finance ministry officials are not yet convinced.””We are still not sure about timely budget, given that acts like seizing the budget briefcase from the finance minister had happened this year”” said an official.
NC lawmaker Ram Sharan Mahat said the budget can be brought within mid-July if the finance minister reaches to all parties for consensus.””There is no debate about the need for a timely budget”” he said.””But the government, which is resigning soon, should give final touches to the budget by holding broad consultations””
Delay in the budget presentation and endorsement for the last three years has taken a huge toll on the economy. Finance ministry has said that Rs 30 billion is likely to be frozen this year. Of the total Rs 102.61 billion allocated for development work, only Rs 45.48 billion in cash has been spent as of May 20 this year.
However, opposition parties have been saying that Finance Minister Bharat Mohan Adhikari spoiled the environment of trust by drafting budget outside the ministry.
Ministry officials say consensus can be reached if the finance minister agrees to remove some populist programmes and include those of opposition parties. “Despite looming uncertainties, the ministry is continuing with the budget process” said Finance Secretary Krishna Hari Baskota.
The ministry has already concluded consultations with other ministries and is currently preparing the budget draft. According to Baskota, drafts of four bills that are presented along with the budget have already been prepared. The ministry is also giving final touches to the economic survey and progress report of public enterprises. The ministry has also started discussions with other ministers and secretaries on programmes to be included in the new budget. The government has fixed the ceiling for the new budget at Rs 381 billion. However, finance ministry has said that the current demand is for Rs 408 billion.
Source: Kantipur
The Parliament’s Finance and Labour Committee on Wednesday decided in favour of bringing the next year’s budget on time.
The committee members unanimously decided for bringing the budget within mid-July, realising the fact that any more delays in the budget presentation would hurt the economy already plagued by low development expenditure, liquidity crunch and slow revenue growth. “According to the committee’s decision, the current finance minister will make budget preparations if a new government is not formed within a week” said Hari Roka, a member of the committee from the UCPN (Maoist).
Nepali Congress (NC) lawmakers have also agreed with the decision. However, finance ministry officials are not yet convinced.””We are still not sure about timely budget, given that acts like seizing the budget briefcase from the finance minister had happened this year”” said an official.
NC lawmaker Ram Sharan Mahat said the budget can be brought within mid-July if the finance minister reaches to all parties for consensus.””There is no debate about the need for a timely budget”” he said.””But the government, which is resigning soon, should give final touches to the budget by holding broad consultations””
Delay in the budget presentation and endorsement for the last three years has taken a huge toll on the economy. Finance ministry has said that Rs 30 billion is likely to be frozen this year. Of the total Rs 102.61 billion allocated for development work, only Rs 45.48 billion in cash has been spent as of May 20 this year.
However, opposition parties have been saying that Finance Minister Bharat Mohan Adhikari spoiled the environment of trust by drafting budget outside the ministry.
Ministry officials say consensus can be reached if the finance minister agrees to remove some populist programmes and include those of opposition parties. “Despite looming uncertainties, the ministry is continuing with the budget process” said Finance Secretary Krishna Hari Baskota.
The ministry has already concluded consultations with other ministries and is currently preparing the budget draft. According to Baskota, drafts of four bills that are presented along with the budget have already been prepared. The ministry is also giving final touches to the economic survey and progress report of public enterprises. The ministry has also started discussions with other ministers and secretaries on programmes to be included in the new budget. The government has fixed the ceiling for the new budget at Rs 381 billion. However, finance ministry has said that the current demand is for Rs 408 billion.
Source: Kantipur
