FM Paudel introduces amendment bill to address budget challenges
He mentioned that although the target for revenue collection was set at 31%, the budget for mandatory liabilities has been allocated less than required.
KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Poudel has stated that the government is facing difficulties in managing expenses with the revenue collected, which is why it has become necessary to introduce the amendment bill for the Financial Procedures and Fiscal Responsibility Act.
Speaking at the House of Representatives on Sunday, Minister Poudel explained that due to the challenges in revenue collection, the budget allocation for mandatory liabilities has been reduced in the current fiscal year’s budget.
He mentioned that although the target for revenue collection was set at 31%, the budget for mandatory liabilities has been allocated less than required.
In this context, he emphasized that there should be no delay in budget preparation. He clarified that the government has introduced the amendment bill with the objective of restoring discipline in budget construction.
According to him, the government should seriously consider the responsibility of ensuring financial discipline in the budget preparation process.
Minister Poudel said, “Revenue is barely covering our basic expenses. In such a situation, we should not delay budget preparation. We need to take the issue of financial discipline seriously, and this amendment bill has been introduced with that in mind.” He further added, “When discussing the budget, it is important to focus on resource management and allocation in a way that ensures maximum returns. This is the core purpose of this amendment bill.”
He also noted that the addition of 11,000 new development projects in the current fiscal year has made it difficult to ensure the completion of these projects effectively.
