Implementation of budget starts right from today: DPM and Finance Minister Paudel

Kathmandu, May 30: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that he will attach first priority on the implementation of the budget presented in Parliament for the upcoming fiscal year.     

He presented the Budget for the Fiscal Year 2025-26 in the joint meeting of the both houses of Federal Parliament on Thursday.     

Addressing a press conference organized by the Ministry of Finance regarding the budget for the fiscal year 2025/26 today, the Finance Minister stated that the budget implementation would not be delayed and that the implementation process would begin right from today. He said he will not wait until the Nepali month Saun, when the new fiscal year starts in Nepal, for the implementation of the budget.     

"The question of budget implementation is challenging. This budget is not brought to please the ears of the citizens. Its effective implementation will take place. From today, my focus will be on the execution of this budget," he asserted on the occasion.     

Stating that the Ministry of Finance has already started working on creating a practical and objective implementation plan for the budget, DPM and Finance Minister Paudel said, "We do not need to wait until Shrawan for the implementation of projects where preparatory work has been completed. We can proceed with the process right now."     

Finance Minister Paudel claimed that this time the size of the budget is not very ambitious and it is objective in terms of revenue and expenditure.     

He mentioned that a policy has been adopted in the budget to increase capital expenditure, keep current expenditure within a certain limit, and increase the amount of financial transfers going to provinces and local levels.     

Finance Minister Paudel also stated that he is optimistic that the revenue target set through the budget will be achieved by the end of the upcoming fiscal year. He added that the estimates for internal loans were made within the limits set by the Natural Resources and Fiscal Commission.     

According to him, some topics of policy reforms have also been moved ahead through the budget statement and that a policy has been adopted to mobilize resources through alternative financing for the economic development and prosperity.     

Finance Minister Paudel mentioned that the budget has been set in a realistic way by defining the limits of consultation services so that the province and local levels can also formulate the budget accordingly.     

He stated that efforts have been made to link the national identity card with social security and other facilities, and that the value-added tax on digital payments and the advance income tax imposed at customs points have been removed.     

Vice Chairman of the National Planning Commission, Dr Shivaraj Adhikari, stated that it is important to understand how the implementation of the budget progresses and what its results look like.     

He stated that efforts are being made for policy, practical, and structural reforms to make budget implementation effective.     

"The Planning Commission will coordinate with all ministries and agencies in the implementation, monitoring, and evaluation of the budget. We will start discussions with all ministries soon to create a budget implementation action plan," he added.     

The NPC Vice Chair expressed hope that the upcoming budget would also focus on the implementation of the 16th periodic plan

Nepal Rastra Bank Governor Dr Biswo Nath Poudel said that it is positive of the budget to introduce various laws related to monetary policy management and to establish an asset management company for banks and financial institutions.(RSS)