First Business News Portal in English from Nepal
KATHMANDU: The House of Representatives has concluded its discussion of the guiding principles and top priorities of the Appropriations Bill 2080. Dr. Prakash Saran Mahat, the finance minister, stated during the meeting on Wednesday that the administrative costs will be decreased in the current budget.
The goal is to lower administrative costs, so where can we cut costs?” he asked. In the budget, let’s state it more succinctly. He declared that the government’s policy would be to avoid making expenditures where they are not necessary.
He mentioned that there had recently been a competition to erect pointless buildings and that the current administration would take care of the costs.
The purchase of new cars, carpets, furniture, etc., according to Finance Minister Mahat, is another example. Will be cut at the national, state, and local levels. He claimed that the policy of not reducing the social security allowance had been adopted. There will be a reduction in both internal and external borrowing.
Additionally, he stated that it is incorrect to claim that Sri Lanka’s economy has reached a point where it is considered to be outside of the economy and asserted that the economy is significantly improving.
He declared that they would work to increase both local foreign investors and Nepalese who are not residents of the country. He claimed that after an increase in income, revenues would rise and that after those revenues rose, investments could be made in social work.
Programs to boost employment and production should be given top priority in the upcoming budget, according to former finance minister Janardan Sharma.
When expressing his opinions on the guiding principles and top priorities of the Appropriations Bill 2080 in a House of Representatives meeting, Sharma noted that the preparation of the budget is a crucial factor in the economic downturn.
He noted the economy’s contraction and warned that if the budget was to be reduced, the economy would contract even more.
He added that the only effective way to turn the economy around and into one of growth was to increase government spending. According to MP Sharma, in order to boost economic activity, it is important to pay attention to the budget system’s funding sources. According to him, plans should be made to support the private sector in this.
Gagan Kumar Thapa, general secretary of the Nepali Congress and a member of parliament, talked about the guiding principles and priorities of the appropriations bill and requested a change in the budgeting process. Hold a resource committee meeting and decide on the expense cap, he suggested.
The principles and priorities of the appropriation bill should be presented by the government to the legislature in November, according to Thapa. The budgets of all the ministries are “locked” in the Ministry of Finance, and that budget will be printed in a few days.
Why are we talking about this, then? Thapa argued that the necessary guidelines and ceilings should be established based on the December legislative vote’s principle.
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