Pro-parties budget

The Himalayan Times

2 June 2023

The 10-party coalition government has unveiled the 2080/81 annual budget “Nepal's Budget 2080/81: Promoting prosperity, reducing disparity, and emphasizing sustainability” (THT, May 29, Page 1). At a time when the economy is in recession, the government announced its policies and programmes to bring the budget for the next financial year 2080/81 a few days ago. Some economists opine that this budget is nothing but continuation of the same old tradition trying to spread the budget here and there without clearly realizing the real need of the moment. This is a pro-parties’ budget which will not be able to address the national issues and people’s concern during this acute economic crisis.

Of the total annual budget of Rs. 1,793.83 billion allocated for the coming fiscal year, Rs. 753.40 billion (42 per cent) has been allocated for current expenditure and Rs. 380.38 billion (21.2 per cent) for the capital expenditure. Similarly, Rs. 230.22 billion (12.8 per cent) has been allocated for the financial management, which will be mostly used for paying back the interest on loans taken from internal and international institutions. Looking at the percentage of the budget allocated for the current expenditure and capital expenditure, it can be easily said that there is not much to hope about development activities to be implemented in the next fiscal year. In fact, the ideal percentage ratio should have been the other way round, which is 42 % for the capital expenditure and 21 % for the current expenditure.

The reallocation for the MP Development Fund of Rs 5 million each in the budget has drawn flak from all walks of life “Budget challenges” (THT, Page 5, May 31).

Rai Biren Bangdel

Maharajgunj

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