By A Staff Reporter
Kathmandu, Aug. 27: The government has started preparations for the Replacement Bill to replace the budget for the current fiscal year 2020/21 announced through ordinance by the previous KP Sharma Oli-led government.
According to the Ministry of Finance (MoF), Finance Minister Janardan Sharma has begun the work on the Replacement Bill following the accreditation of NCP (Unified Socialist) and Democratic Socialist Party Nepal by the Election Commission of Nepal (ECN).
It has collected the suggestions from the secretaries of various ministries regarding the bill on Thursday.
Speaking at the meeting with secretaries at the ministry, FM Sharma highlighted the priorities of the bill and directed the secretaries to modify the programmes of the budget of the current year in way it would direct the economy to the productive sector.
“Budget should be modified in a way that it will reinforce the implementation of federalism, maintain fiscal discipline, increase capital expenditure and give priority to capital formation programmes,” he said.
Likewise, the ministries are also asked to send the revision proposal according priority to poverty reduction, job creation, expansion of health facility, and education, agriculture and tourism.
Minister Sharma said that the national pride projects would be redefined and relisted and enough attention would be given to the integrated mobilisation of the resources stuck at non-performing projects. Similarly, projects announced without preparedness and have no resource guarantee would be reconsidered and balance between the plan and budget would be maintained.
FM Sharma has directed the secretaries to send the modified budget and programmes to the MoF by Friday.
Vice Chairman of the National Planning Commission Dr. Biswo Nath Paudel suggested implementing a ‘regular tracking system’ to increase capital expenditure.
He also said that new policy was required in the management of various public corporations like Nepal Airlines Corporation that have become parasites rather than result-oriented.