BUSINESS & ECONOMY

Budget to come early this year

By A Staff Reporter

Finally, the government has initiated preparation to present the yearly budget estimate earlier than in previous years. According to a Ministry of Finance sources, it has targeted at presenting the budget for the coming fiscal year by the end of May or in the early days of June rather than in mid July.

However, it has not yet fixed the date for the same, the sources said.

As the government gears up to present the budget earlier than in the previous year, it organized an interaction programme, participated in by Members of Parliaments (MPs) and National Planning Commission members, seeking suggestions about what the next budget should include and what needs to be dropped.

Though the government has targeted at presenting the budget estimate for the coming fiscal year earlier than in previous years, it has not yet informed the parliamentary secretariat about it.

However, many have already welcomed this decision made by the Ministry of Finance. Because in the past, the yearly budget was generally presented to the Parliament only at the end of the fiscal year in Asadh (mid July). For the last many years, lots of people have been claiming that presentation of budget at the end of fiscal year has been showing a negative impact on Nepalese development process.

According to them, after the budget is presented at the Parliament, a series of ministry-wise discussions will take place for almost two and a half months before it being passed by the Parliament. Besides that, considering the time taken in sanctioning of funds, finalizing of tenders and other paper works, it leaves with very little time to work according to the budget estimate. As such, all the developmental works are done hastily at the last moment during the month of Asadh, just before the fiscal year ends.

During his tenure as the Finance Minister in the previous Bhattarai government, Mahesh Acharya had informed the parliament secretariat of presenting the budget estimate on May 16 instead of mid July. But after he became the Finance Minister in the present government, nothing more was said about it.

While the target of presenting the budget earlier than in previous years is itself a welcome step, interaction with the MPs on various aspects of the budget is also considered a positive step.  MPs had been complaining about being left out of the planning process in the past.

Speaking at the programme, Finance Minister Acharya said that poverty alleviation would be the overriding objective of the forthcoming budget. While formulating the budget, law and order, good governance, civil services reforms, decentralization and corruption control will be accorded top priority, he said.

The lawmakers also suggested that priority should be given to development works on remote and rural parts of the country. They also highlighted on the need of increasing the amount of Rs. 500,000 allocated to each parliamentarian to spend for development works in their constituencies to Rs. 10 million.

Renew efforts to combat poverty

By A Staff Reporter

A global report by the United Nations Development Programme, titled “Overcoming Human Poverty 2000” was released amidst a small function held at the UN House in Pulchok yesterday (Tuesday). The report measures the progress countries have made in reducing poverty in the five years since the 1995 World Summit for Social Development.

The report reveals that while 75 percent of the nations have measured the extent and dimensions of poverty in their societies, less than a third have set targets for reducing it. The report challenges rich and poor countries to renew their efforts to combat poverty, and to place greater focus on programmes that strengthen governance and empower people to improve livelihoods and opportunities.

Releasing the report Prithvi Raj Ligal, vice chairman of National Planning Commission, in his keynote speech said that poverty reduction being the overall objective of the country’s ongoing Ninth Five Year Plan, the government was committed to continuing and intensifying efforts to alleviate poverty in the country.

The report was released globally on April 4, 2000 coinciding with the run up to the WSSD+5 to be held in June 2000 at which countries will review progress made in poverty reduction. In his welcome speech, Dr. Henning Karcher, UNDP Resident Representative drew attention to links between good governance and poverty reduction.

He emphasized on the need to strengthen decentralization and scale up social mobilization, particularly in the remote rural areas.

The release of this Report comes close at the heels of the recently concluded meeting of the Nepal Development Forum, where the setting up of a National Poverty Alleviation Fund figured prominently, therefore, adding further momentum to poverty-focussed initiatives by both donors and the government.

Commerce and Industry day celebration

By A Staff Reporter

Federation of Nepalese Chambers of Commerce and Industry  organised a Commerce and Industry Day recently amidst various celebrations recently. To mark the occasion, the Federation created symbolic plaques that were offered as gifts to participating delegates and institutions.  The Federation also printed silver medallions, each worth a thousand rupees, for sale. The day was celebrated as a national event.