Kathmandu: The Ministry of Finance has started preparations for a half-yearly review of the budget for the current fiscal 2022-23.
The Ministry has formed a committee to proceed with the review.
The team is led by the Chief of Budget and Programme Division, according to Ministry Spokesperson Anand Kafle. As he said, the Committee is assigned to review the budget till mid-January. The further review will be based on the committee’s report.
The panel coordinated by Division Chief Ritesh Kumar Shakya comprises a representative each from the Nepal Rastra Bank, National Planning Commission, Office of the Auditor General and the Public Debt Management Office. Besides, it incorporates all secretaries from the Finance Ministry and the Division under-secretaries.
The current economic situation of the country looks on stress. The data shows dismal performance on revenue collection, capital expenditure, balance of payment account, and others.
The overall banking sector and share market have been struggling to revive. The higher interest rates on credit have plagued the overall economic and investment environment of the country. Nepal’s central bank, Nepal Rastra Bank (NRB), has introduced several measures to keep the economy on track, but they seemed toothless and ineffective.
In many parts of the country, people have shown displeasure over the higher banking rates which have forced some to commit suicide, including Prem Prasad Acharya who self-immolate in front of House of Representatives couple of days ago.
The new cabinet under the Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has accepted that the economy was in trouble but not in the path of South Asian nations like Sri Lanka or Pakistan.
Minister of Finance Bishnu Prasad Poudel himself has a good knowledge of the country’s economic situation, and how to deal with it to overcome the stress. He had already served as Finance Minister. Many business-industry fraternity have expressed hopeful remarks over arrival of Mr Poudel.
