FM seeks substantive submissions for Investment Summit; Govt. amends budget calendar

Kathmandu / Jan 19: Finance Minister Prakash Sharan Mahat has sought substantive submissions from the private sector regarding the third Investment Summit taking place in Kathmandu on coming April 28-29.

In the second meeting of the Investment Summit Steering Committee on Friday, the Finance Minister urged the private sector to identify potential foreign investors and projects and provide cogent submissions in view of the event.

He also directed authorities concerned to expedite efforts for policy, legal and procedural reforms and selections of projects. As he said, to attract investment from foreign including the Non-Resident Nepali community and domestic private sector is the priority of the Summit.

The government is hosting the Summit in coordination of the private sector and development partners.

In the meeting, Investment Summit Secretariat coordinator and Investment Board’s Chief Executive Officer Sushil Bhatta made a briefing on the preparations for the Summit.

The meeting was attended by various ministers including the Industry, Commerce and Supplies; Energy, Water Resources and Irrigation; Forest and Environment; Culture, Tourism and Civil Aviation; and the Urban Development, Vice Chair of the National Planning Commission, secretaries from various ministries, Nepal Rastra Bank’s deputy governor and the private sector.

Government amends budget calendar through ordinance

The government has amended the Fiscal Procedures and Financial Responsibility Act-2076 BS through an ordinance ensuring some new changes in the provisions for the budget calendar.

President Ram Chandra Paudel issued the Fiscal Procedures and Financial Responsibility (First Amendment) Ordinance-2080 BS on Thursday upon the recommendation of the Council of Ministers.

The ordinance mandates that the priorities of the budget should be presented before the federal parliament three months before presenting the Appropriation Bill (annual budget) which means that the principle and priorities of the budget should be presented in the parliament within mid-February every year.

Similarly, amendment to the Fiscal Procedures and Financial Responsibility Act-2076 BS has also revised the timeline for fixing the budget ceiling, said Dhaniram Sharma, spokesperson for the Ministry of Finance.

There is a legal provision that the federal government has to present the Appropriation Bill in the parliament on Jestha 15 (around May 29) every year. Similarly, the government should collect suggestions from lawmakers within a month after holding discussion on the principles and priorities of the budget.

Earlier, there was a provision that lawmakers had to give suggestions to the government within seven days of presenting the budget’s principles and priorities in the parliament.

Point no 29 of the annual budget of the current fiscal year mentions that an arrangement would be made from next fiscal year to present the principles and priorities of the Appropriation Bill within mid-March after the ministry-level budget ceiling is determined.

The ordinance was introduced to implement this provision of the budget. The government is hopeful that this will help formulate a realistic budget on the basis of lawmakers’ suggestions.