Finance Minister Mahat urges all to consider adverse factors influencing budget « Khabarhub
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Finance Minister Mahat urges all to consider adverse factors influencing budget


12 June 2023  

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KATHMANDU: Finance Minister Dr. Prakash Sharan Mahat has said the government brought the budget amidst difficult circumstances and urged one and all to take it accordingly.

In his replies to concerns raised during the deliberations on the government’s estimations of revenues and expenditures for the fiscal year 2023-24 in a meeting of the House of Representatives (HoR) today, the Minister said the size of foreign and internal debts, the existing scenario of revenue collection, consequences of Covid-19, and the impact of Russia-Ukraine war were taken into account while preparing the budget.

As he said, the government through the budget assured that problems would be resolved gradually not instantly. He admitted that the distribution approach in budget-making could not be fully discouraged this time, too.

“We received commitments for additional foreign assistance. The government sets its priorities on the basis of people’s needs,” he said, adding that the government brought the budget not seeking popularity but considering its implementation side.

Special circumstances such as increasing loans and a fall in revenue collections and foreign assistance among others led to a shrunken size of the budget, he added.

The Finance Minister utilized the forum that the Parliament Development Infrastructure Program would contribute to increasing capital expenditures. As he said, the program was incorporated in the budget in a bid to address complaints of parliamentarians that the budget to their respective constituencies was insufficient to undertake development endeavors.

“The budget to be allocated under the program will not go into pockets of parliamentarians. It will be spent on the road, infrastructure and tourism developments and parliamentarians have just their roles in recommending projects. The budget is capable of getting transferred to most essential capital budget if it remains unspent,” he said.

The program aims to address the people’s aspirations for seeing shared responsibility of their representatives in needs, according to him.

In the deliberations over the budget that had run for eight days in the House of Representatives, lawmakers commented on the budget from multiple angles.

The government was accused of lacking a clear vision, not internalizing the goals of socialism and of presenting ambitious targets of economic growth and revenue in the budget.

Additionally, the government was criticized for ‘being unable’ to discourage general expenditures and for allocating less budget to the agriculture and health sectors.

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Publish Date : 12 June 2023 19:55 PM

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