Budget relatively balanced: Finance Minister Pun
KATHMANDU: Finance Minister Barsha Man Pun has asserted that the budget for the upcoming fiscal year is formulated based on the government's policies, programmes, and international commitments.
During the National Assembly meeting on the deliberations on Appropriation Bill 2081/82 BS, he addressed lawmakers' concerns and highlighted constructive suggestions received regarding the constitution, the vision of the 16th periodic plan, the achievements of the federal republic, and the priorities of the Bill.
Minister Pun emphasised that the budget aims to institutionalise economic reforms, create jobs, boost production, strengthen the economy, and achieve economic resilience through five major objectives and transformational strategies.
Lawmakers expressed reservations that the budget did not fully adhere to constitutional spirit and government policies, particularly in terms of strengthening federalism, prioritising the education sector, adequately funding agriculture, and promoting productivity.
In response, Minister Pun defended the budget's balance, considering the size of the gross domestic product (GDP), public finance conditions, and previous budget speeches. He clarified that the budget is production-oriented rather than distributive.
The proposed total expenditure for the upcoming fiscal year amounts to Rs 1,860.3 billion, reflecting a 6.2% increase compared to the current fiscal year. Notably, current expenditures have been reduced, while capital expenditures are set to increase.
Furthermore, a fiscal allocation of 30.5% (Rs 567 billion) has been ensured for the provinces and local levels. This increase in budget allocation aims to strengthen the economy and encourage private sector growth.
