Budget calendar amended through ordinance

KATHMANDU, JANUARY 19: The Fiscal Procedures and Financial Responsibility Act-2076 BS has been amended through an ordinance ensuring some new changes in the provisions for the budget calendar. The amendment was made with President Ramchandra Paudel issuing the Fiscal Procedures and Financial Responsibility Act (First Amendment) Ordinance-2080 BS last Thursday.

The ordinance mandates the provincial and priorities of the budget should be presented to the federal parliament three months before presenting the Appropriation Bill (annual budget) which means principles and priorities of the budget should be presented in the parliament every February 17.

Similarly, the timeline for the budget ceiling has been revised by considering amendments in the Fiscal Procedures and Financial Responsibility Act-2076 BS, said Dhaniram Sharma, Spokesperson at the Ministry of Finance. There is a legal provision that the federal government has to present an Appropriation Bill in the parliament on Jeth 15, every year.

Likewise, the suggestions should be given to the government within a month after discussing the principles and priorities of the budget and programmes. “A provision has been made where suggestions should be submitted at the Finance Ministry within a month (Chaitra 15) if there is any issue to be included or removed as well as any suggestion and directives discussing principle once budget’s principles and priorities are submitted in the federal parliament”, added Spokesperson Sharma.

Earlier, there was a provision that lawmakers had to give suggestions to the government within seven days of presenting the budget’s principles and priorities in the parliament. Point no. 29 of the annual budget of the current fiscal year 2080/81 BS has mentioned that an arrangement would be made to present the principles and priorities of the Appropriation Bill within the last of Falgun month once the ministry-level budget ceiling is determined from the coming fiscal year. The ordinance has been brought for the implementation of this provision of the budget. It is believed that it would help to formulate a realistic budget based on lawmakers’ suggestions.