Friday, June 21, 2024

Budget prioritses increase in capital expenditures: Finance Minister


Kathmandu, 30 May (2023) - Finance Minister Dr Prakash Sharan Mahat has said the government has prioritised the need to increase the capital expenditures in the budget for the upcoming fiscal year 2023-24.

Similarly, implementation aspect of the budget is the government concern, according to the Minister who was talking to media at the Finance Ministry today in the context of the budget that was unveiled Monday. 

The Minister took time to say that the government's annual estimations for the revenues and expenditures for the upcoming fiscal presents a clear roadmap for encouraging capital expenditures and discouraging public expenditures.  

"The major focus of this budget to clear hurdles in the capital expenditure, improving the entire budget system and increasing effectiveness in its implementation. We are determined to implement the budget effectively," he said.    

The Minister further said general expenditures towards obligatory responsibilities and Social Security obligations could not be reduced. 

He took time to claim that the budget did not revive the Parliament Development Fund, but members in parliament have been given their roles in the selections of parliamentary area infrastructure development programmes and in the monitoring of projects implementation.  This approach was taken as they better know about the development needs in their respective areas. "The budget will not go into pockets of parliamentarians."

 According to the Minister, the government has made significant improvements in the revenue polices through the Finance Bill and revenue polices ahead are unlikely to serve the interest at the individual level or of a specific corporate group. 

" I urge one and all not to doubt over the changes in tax rates as such altercations are not capable of being benefits of anyone at the individual level," he said, 

He said a monetary policy ahead will facilitate in the implementation of the provisions of finance policies.  The government has a policy of raising less internal debts.