Kathmandu. Prime Minister KP Sharma Oli has directed to bring the budget for the upcoming fiscal year based on the needs and priorities of the people’s development in order to increase production and employment.
In a discussion held at the Office of the Prime Minister and Council of Ministers, Singha Durbar today regarding the budget formulation and priority setting for the upcoming fiscal year 2081/2082, Prime Minister Oli said that the upcoming budget should be brought with a concrete plan to increase production and employment.
Directing to prioritize the issues of peace and security, ending corruption, and maintaining good governance by providing easy services to the people, he also emphasized the need to prepare security arrangements and appropriate resources as elements that disrupt peace are also active in the country. The Government of Nepal presents the budget and programs for the upcoming fiscal year in the Federal Parliament every 15th of Jestha, and before that, there will be a discussion in the House on the priorities and principles of the budget. To prepare for this, Prime Minister Oli has called a discussion with ministers and secretaries of all ministries today.
“There should be no compromise on maintaining good governance. If there is any malpractice in revenue collection, immediate action should be taken against anyone involved. Only after sufficient revenue is collected can it be spent on the development of the people.”, Prime Minister Oli said, “The current trend of bringing the budget without considering the source should end. The budget cannot be formulated with insistence and prejudice. The budget should be brought in a way that increases production and employment based on the needs and priorities of the people’s development. The subsidy policy should be reviewed. Entrepreneurship should be developed.”
Deputy Prime Minister and Minister of Finance Bishnu Prasad Poudel informed that they are committed to formulating the budget based on methods and standards by correcting the situation of making many plans without ensuring resources and not being able to make the capital expenditure that has been made but asking for additional budget.
According to the Ministry of Finance, revenue collection so far in the current fiscal year has been 55 percent, total expenditure 52 percent and capital expenditure 28 percent.
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