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April 5: The government is planning to allocate budget for the fiscal year 2073/74 on provincial basis as the country is heading towards federal structure. According to Nepal Planning Commission (NPC), implementation of the new constitution has been prioritized on the budget allocation. “Budget discussion that commenced on Sunday is planning for budget allocation on the basis of federal structure,” informs Dr Geeta Bhakta Joshi, Member of NPC.
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The upcoming budget has targete to spend Rs 150 billion in reconstruction and restoration of the structures destroyed and damaged by the last year’s devastating earthquake. Similarly, energy sector will receive the highest priority to address energy emergency period as announced by the government. NPC said that the budget will give adequate attention in maintaining good governance by making development expenditure more productive and decreasing general expenses.
Construction of large airports, upgradation of highways, implementation of five-year roadway plan, expansion of irrigation areas and river control projects will also get high priorities in the budget. Meanwhile, social infrastructure, modernization of agriculture along with industry and tourism sector will also get important space in the budget. The NPC has fixed Rs 908 billion ceiling for the upcoming budget.
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<p>Dr Joshi said that the budget will be allocated taking into account the state re-structuring process, while also focusing on implementation of sustainable development goal and objectives aimed in the14th three-year plan. “The main objective of the budget is to build prosperous nation by generating employment. The budget will focus on building self-sufficient nation through entrepreneurship development. It will aim to upgrade the country from least developed country to developing country by 2022,” he mentions. </p>
<p>The upcoming budget has targete to spend Rs 150 billion in reconstruction and restoration of the structures destroyed and damaged by the last year’s devastating earthquake. Similarly, energy sector will receive the highest priority to address energy emergency period as announced by the government. NPC said that the budget will give adequate attention in maintaining good governance by making development expenditure more productive and decreasing general expenses. </p>
<p>Construction of large airports, upgradation of highways, implementation of five-year roadway plan, expansion of irrigation areas and river control projects will also get high priorities in the budget. Meanwhile, social infrastructure, modernization of agriculture along with industry and tourism sector will also get important space in the budget. The NPC has fixed Rs 908 billion ceiling for the upcoming budget. </p>
<p>The government has targeted to raise revenues of Rs 515 billion for resource mobilization of the budget. “Budget ceiling has been prepared with the target of raising Rs 293 billion in foreign assistance and Rs 100 billion in domestic loans,” informs Than Prasad Pangeni, Vice-secretary of Finance Ministry’s Budget Department. Due to the constitutional deadline to bring the budget in May 28, Finance Ministry had sent letter to concerned ministries to list their programs in Budget Information System (LMBIS) by March 28. </p>
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