The Finance Minister said that since public finances are in a state of crisis, there will be a collective test of everyone in the upcoming budget.
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Finance Minister Swarnim Wagle held discussions with thematic ministers and secretaries on Monday regarding the budget preparation for the upcoming fiscal year. The Finance Minister said that the upcoming budget will be a collective test for everyone as public finances are in a state of crisis. “It is challenging to formulate a budget in a way that addresses the aspirations of the citizens when the state’s mandatory obligations are Rs. 1330 billion and revenue is Rs. 1180 billion,” Wagle said.
Finance Minister Wagle emphasized that the budget and programs should be selected keeping in mind the principles for the budget, including good governance and institutional strengthening, adoption of a policy of integrity, economic development with broad-based economic growth, private investment, expansion of information technology, development of infrastructure for capital formation, development of the middle class, upliftment of the underprivileged class, and expansion of soft power.
Finance Minister Wagle requested that all ministries are aware of the constraints and limitations of the Ministry of Finance and to set the priorities of their ministries accordingly and start preparing the budget. In the discussion, the honorable ministers of thematic ministries raised issues related to the budget and programs of their respective ministries.
Finance Secretary Ghanshyam Upadhyay informed about the decision of the Ministry of Finance to facilitate the transfer of funds from thematic ministries, change in the time limit for the source agreement of multi-year contracts, etc. Suman Dahal, Joint Secretary of the Budget and Programs Division, gave a presentation on the budget preparation for the upcoming fiscal year. The discussion was attended by the Vice-Chairman and Member of the National Planning Commission, Sudip Dhakal, Advisor to the Prime Minister on Administration and Good Governance, and others.
