KATHMANDU: The Ministry of Finance has prepared the budget calendar for the upcoming fiscal year 2025-26 and has started preparing the budget estimates accordingly.
The budget formulation process for the upcoming fiscal year has moved forward within the budget ceiling provided by the National Resource Estimates Committee, Ministry of Finance Spokesperson Shyam Prasad Bhandari said.
“The Resource Estimates Committee has set a budget ceiling of around Rs 1.9 trillion and we have also given budget ceilings to all ministries,” Bhandari said.
The ministries will have to provide the details of the policies, programs and indicators to be included in the budget to the Ministry of Finance and the National Planning Commission by mid-April. Discussions on the policies and programs of the budget will be held in the National Planning Commission from first week of April.
Similarly, the Intergovernmental Fiscal Council will meet by mid-April and there will be provincial-level discussions with MPs on the objectives, priorities and main programs of the budget. Discussions with representatives of political parties, former finance ministers, former governors, former finance secretaries, economists and experts on the budget for the coming fiscal year will also be held.
As per the calendar a draft of the principles and priorities of the appropriation bill will be submitted to both houses of the federal parliament by end of April. Similarly, the budget for the upcoming fiscal year 2025-26 will be presented in the joint house on Jestha 15 of the lunar calendar.
Spokesperson Bhandari also shared that a five-member budget drafting committee has been formed under the coordination of Shree Krishna Nepal, Chief of the Budget Division of the Ministry of Finance. Similarly, a Revenue Advisory Committee has been formed under the coordination of Revenue Secretary Dinesh Kumar Ghimire.
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