Govt to focus on budget implementation during next FY, says finance secy

Kathmandu / March 14: Finance Secretary Toyam Raya has said that the government will focus on developing mechanisms for budget implementation while making preparations for the upcoming fiscal year’s budget.

Raya made such remarks while speaking at a meeting of the National Concern and Coordination Committee under the National Assembly on Tuesday regarding the government’s budget estimate for the upcoming fiscal year.

He said that while preparing the budget for the next fiscal year, the ministry will prioritize budget implementation methods.

Raya stated that Nepal is in the process of becoming a developed country from an underdeveloped country by 2026 and some foreign subsidies will be cut after the country’s graduation from LDC. He said that after 2026, subsidies will be cut if the projects cannot be completed on time and there shall be a situation where the foreign aid subsidy will be withdrawn and the government must spend the amount from its own resources. He said that compared to previous years, this year will be more challenging in terms of formulating the budget.

Secretary Raya said that the Ministry of Finance has not fixed a ceiling for the selection of programmes for the budget. After ensuring the resources, the National Planning Commission will send the draft of the budget to the relevant ministry.