House approves budget for 2020/21

Kathmandu, Jun 10

The House of Representatives of the Federal Parliament has endorsed the Appropriation Bill for the coming fiscal year 2020/21 with majority votes on Wednesday.

It was endorsed following Prime Minister KP Sharma Oli’s address in the House in response to queries raised by a number of lawmakers.

Earlier today, the House had rejected the amendment proposals to the Appropriation Bill by majority.

Lawmakers including GaganThapa, Pushpa Bhusal (Gautam) Prem Suwal, Sanjaya Kumar Gautam, Umakanta Chaudhary, Rangamati Shahi, Dr Minendra Rijal, Dila Sangroula, Narayan Khadka, Dilendra Prasad Badu, Bhimsen Das Pradhan and Prakash Man Singh had registered proposals seeking expense reduction.

Other budget associated bills have been tabled at the HoR.

Finance Minister Dr Yuba Raj Khatiwada had presented the budget of Rs 1.47 trillion for the next fiscal with priority to health infrastructure, business revival, job creation and social security.

It is focused to addressing the impact of COVID-19 on economic and social life.

About Rs 948.94 billion will go to recurrent expenditure while Rs 352.91 billion is allocated for capital expenditure and Rs 172.79 billon for financial management.

Likewise, sources of income for the next fiscal are revenue worth Rs 889.62 billion, foreign grant Rs 60.52 billion and loans Rs 524.5 billion.

Infrastructure like railways, bridges and roads, irrigation and hydroelectricity, airports, flyovers and tunnels, programmes like Digital Nepal Framework, urban development, digital education, broadband internet to all and insurance to all are included in the budget which are announced amidst a global health crisis and economic breakdown caused by the execution of lockdown and travel restrictions to save human lives.

 Presenting the budget at the Parliament on May 28, Dr Khatiwada had said that the national aspirations of leading the country on the path of development and prosperity propelled by two years' achievements and high economic growth were shattered due to the coronavirus outbreak.

The budget aims at achieving 7 per cent GDP growth target in the coming fiscal year in the hopes based on the projects that could be completed within a year and yield immediate economic benefits, expectations that the delayed and sick projects would gain momentum, post-quake reconstruction would be completed and the service sector would experience expansion.

Published in The Rising Nepal daily on 11 June 2020.