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Kathmandu [Nepal], September 10 (ANI): Finance Minister of Nepal's newly formed government has reduced the size of the budget brought by the KP Sharma Oli government through a replacement bill.
Finance Minister Janardan Sharma, from the Sher Bahadur Deuba Cabinet, presented the budget of Nrs 1.632 Trillion on Friday amid protest and sloganeering of opposition CPN-UML lawmakers in the parliament
Earlier, Oli led government had introduced a budget of Nrs 1.647 Trillion earlier in May through ordinance as the parliament was dissolved. The size of the budget has been reduced by Nrs 16.74 billion as compared to the budget presented through the ordinance.
In the third meeting of the Lower House, the Finance Minister presented an estimate of income and expenditures of the current fiscal year 2078-79 BS (2021-22) with revisions.
"As per Constitution of Nepal, plans, policies and priorities of the incumbent government, in order to address and solve the challenges that lies ahead due to the COVID-19 induced crisis and following the provision that no tax can be levied without the formal agreement of lawmakers, I have made changes on income and expense and hereby present a replacement bill in this parliament," Finance Minister Janardan Sharma said.
The bill incorporates the issues relating to the reduction of multi-dimensional poverty, securing a high economic growth rate and adopting and promoting the inclusive economic policy as salient features of the budget.
Out of the total allocation, the Federal government's current expenditure is Nrs 677.19 billion or 41.42 per cent, capital expenditure is Nrs 378.10 billion or 23.16 per cent and financial management is Nrs 189.44 billion or 11.6 per cent.
Likewise, 23.72 per cent of the budget has been allocated to province and local levels through financial transfer. The government has cut fuel and travel expenses by 10 per cent. The government has cut budgets for allowances, fuel and travel expenses by 10 per cent.
While presenting the ordinance, Sharma said that at least 10 per cent budget has been cut in fuel, allowance, vehicle and other maintenance. Sharma said the Rs 5 billion saved from the cut would be used to buy vaccines against coronavirus.
Likewise, the presentations of the Appropriation Bill-2078 BS and the bill to raise national debt-2078 BS in today's HoR session are on the schedule.
The bill to replace the ordinance budget announced by the previous government led by the CPN (UML) was presented in the third meeting of HoR amidst the protest and obstructions from the main opposition CPN (UML).
Once Speaker Agni Prasad Sapkota announced that the meeting was convened, the UML lawmakers reached the rostrum to picket it and started sloganeering. (ANI)