Kathmandu, May 22
The
Ministry of Finance (MoF) is on the final phase of preparing the budget
statement for the fiscal year 2082/83 (2025/26).
The
Ministry is actively working on the budget by taking into account suggestions
received from various sectors, it said in a statement on Thursday.
As per the
constitutional provision, Deputy Prime Minister and Minister for Finance,
Bishnu Prasad Paudel, will present the budget at the joint session of the
Federal Parliament on May 29 (Jeth 15 in Nepali calendar) on the Republic Day.
The Economic
Survey will be presented in Parliament on May 28, a day before the budget
statement.
According
to the Ministry's spokesperson, Shyam Prasad Bhandari, the budget formulation
process is being carried out with due consideration of the country’s needs,
public expectations, the limitations of available resources, and the
suggestions received from stakeholders.
DPM Paudel Paudel,
along with his team, is fully focused on drafting the budget.
The
government's policies and programmes and principles and priorities of the
upcoming budget have already been presented at the separate joint sessions of
the Federal Parliament.
The
thematic priorities for the budget include economic reform, job creation,
development of the digital economy, infrastructure development, and social
security.
Stakeholders
of the economy and other sectors have suggested the government to make the
budget realistic and actionable. Major suggestions include focusing on few
large and ongoing projects of national pride, expanding revenue base, emphasising
job creation and equitable development, and promoting the private sector-led
growth.
Development
of industrial infrastructure, export promotion, tax reform, promotion of
digital economy and energy security are the other major demands of the private
sector. One and all have suggested to make environment for energy security and
policy stability, if not political stability.
The
government has also clearly stated in the policy documents that the High-Level
Economic Reform Recommendation Commission led by former Finance Secretary
Rameshwore Khanal would be put into implementation with priority.
Khanal has
suggested to prioritise redesigning and reconstruction of the social security
programmes, checking the practie of announcing distributary budget and
scattering the meagre resources available.
According
to him, the government and private sector should mobilise their resources in
close harmony to promote capital formation and creating opportunities for
people. Khanal stressed on trust-based system to achieve the national
aspiration for development.
Other
priority suggestions from the Commission include not transferring the high
government officials for at least two years, completing sick national projects,
enhancing the capacity of construction entrepreneurs and easing Environmental
Impact Assessment.
Meanwhile,
there is a need to devise a strategy to implement the budget and utilise the
resources properly. As the current Fiscal Year 2024/25 is about to end, the
government could utilise only about 36 per cent of the development budget.
Similarly,
the gap between the government receipt and expenditure is ever widening. By
Wednesday, the gap has crossed Rs. 211 billion.
As part of
the preparation process, the MoF has held consultations with government
ministries, departments, the National Planning Commission, political parties,
elected representatives, and subject matter experts. Minister Paudel also held
discussions with key political leaders, including Nepali Congress President
Sher Bahadur Deuba and CPN (Maoist Centre) Chairman and Leader of the
Opposition Party, Pushpa Kamal Dahal Prachanda.
Likewise,
it consulted former finance ministers, former finance secretaries, economists,
and representatives from major business organisations such as the Federation of
Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese
Industries (CNI), and Nepal Chamber of Commerce (NCC).
Discussions
were also held with development partners. Additionally, elected
representatives, office-bearers of various institutions, and members of the
public provided their input to the Ministry. The Ministry of Finance had
publicly invited suggestions related to the upcoming budget.
Published in The Rising Nepal daily on 23 May 2025.
No comments:
Post a Comment