Wednesday, 8 December, 2021
logo
MAIN NEWS
-
MUSTREAD

President concerned over degrading fiscal discipline



president-concerned-over-degrading-fiscal-discipline

Kathmandu, Nov. 25: President Bidya Devi Bhandari has expressed her concerns over the degrading fiscal discipline in governments bodies meant for the citizens’ service.

Inaugurating a newly constructed building of the Auditor General amidst a programme here Thursday, the Head-of-the-State said the role of the Office of Auditor General (OAG) was vital in maintaining and promoting fiscal discipline. She further made it clear that the role of federal, province and local governments was equally important in implementing and establishing fiscal discipline.

“It is concerning to see the size of arrears increasing every year despite measures to downsize it,” the President said, underlining the need of finding a right approach to address the issue. On the occasion, the President also expressed her concern over the nation’s ballooning trade deficit and said, “ It is a matter of concern that disappropriate ratio of export and import has led to the skyrocketing trade deficit and the nation’s dependence on agro-products has also increased.”

She was of the opinion that the OAG could contribute to the entrepreneurship development of people for the building of self-sufficient economy.

The President further expressed her hope that the OAG would play a leading role in the implementation of fiscal discipline and expressed her happiness over the decision to introduce an IT-enabled audit system.

Stating that the scope of OAG jurisdictions had been expanded with the enforcement of federalism, the President urged the Office not to leave any stone unturned to do its role to oversee whether the nation’s fund where every citizen has their contribution was rightly utilised.

The total arrears worth Rs 676 billion of the government bodies have to be cleared, according to data submitted by the Auditor General Tanka Mani Sharma. The figure is increasing every year.

On the occasion, Sharma viewed that all should have their important and equal role in abiding by financial discipline.

The 10-storey newly constructed building was completed at a cost of approximately Rs 740 million.