First Business News Portal in English from Nepal
KATHMANDU: Amid sluggish budget spending so far in the current fiscal year, Finance MInister Janardan Sharma has given direction to development ministries to make 30 percent of the capital expenditure within mid-January. Moreover, Minister Sharma warned that the government will halt budget to development ministries that are unable to spend 30 percent of their development budget within mid-January.
While giving direction to this effect, it seems that Minister Sharma has not analysed details of the past years. As of mid-January last year, capital expenditure was only 14 percent.
According to the Financial Comptroller General Office (FCGO), only 6.46 percent has been spent till mid-December this year. As of mid-December last year, capital expenditure was 10.11 percent. Compared to mid-December of last year, this year’s expenditure has been less.
“As development ministries said that expenditure will go up from Mid-December onwards, we have asked them to spend 30 percent of development budget within mid-January,” informed Ritesh Shakya, spokesperson at the Finance Ministry.
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