First Business News Portal in English from Nepal
KATHMANDU: The Ministry of Finance (MoF) has carried out the mid-term review of the fiscal budget for 2020-21 on Sunday.
Though the Finance Minister Bishnu Poudel acknowledged that the economy is reeling under COVID-19 pressure and that indicators are not that strong, the Ministry did not revised any growth and development targets set for 2020-21 initially by the government.
During the review, non-budgetary demands, additional release demands, financial procedures and financial accountability law, non-compliance with the budget allocation , not paying attention to budget formulation, reluctance to mobilize foreign aid ignoring the demand, among others were seen as major challenges in the budget implementation.
Finance Minister Poudel, on low capital spending, said that different ministries could not expedite projects on time despite availability of the budget.
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