Ministry of Finance starts budget preparations for fiscal year 2021-22

The Ministry of Finance (MoF) has started preparations for the budget of next fiscal year 2021-22.The Ministry conducted a meeting with former finance secretaries on February 18 to take their suggestions for the upcoming budget. They have recommended measures to help the economy recover from the pandemic to the Finance Minister Bishnu Prasad Paudel with special focus on developing health-related infrastructure in the country. Former Finance Secretary Bimal Koirala said that the Covid 19 pandemic and the announcement of election has added more challenges to bring a balanced budget for fiscal 2021-22. He has strongly suggested that the budget not only focus on recovery from the pandemic but also to move towards a sustainable economy. Former Minister and Finance Secretary Bidhyadhar Mallik said that the government should focus on encouraging private sector to invest and build the industrial sector in the country. Former Secretary Rameshwor Khanal emphasised the need to create a commercial environment and policy level improvements. He also suggested that the government analyse expenses before setting the budget target.