Kathmandu, March 23: The Budget Formulation Work Schedule (Budget Calendar) for the upcoming fiscal year 2083/84 BS has been prepared in a way for all line ministries to propose their plans and programmes within coming March 29.
In the context when the new government is yet to be formed following the completion of the House of Representatives (HoR) election, all ministries are mandatorily required to enter all plans and programmes proposed for upcoming fiscal year budget to the Line Ministry Budget Information System (LMBIS) within March 29 as per the budget calendar.
Spokesperson at the Ministry of Finance, Tanka Prasad Pandeya informed that all ministries were asked ensure entry of their plans and programmes in the LMBIS in line with the stipulate budget ceiling for the upcoming fiscal year.
He further said the budget formulation process has to be advanced when there is no clarity on how the to-be-formed government would introduce budget with what policies and programmes.
“Budget is not merely an economic agenda but is also associated to the political issues. Being based on the nature of policies and programmes to be introduced by the new government and also taking into consideration the priorities set in the political manifesto, the upcoming year’s plans and programmes have to be formulated”, he noted.
It may be noted that the Revenue Advisory Committee which was formed to recommend tax policy measures to the government for upcoming fiscal year is carrying out its works. Also, the task of preparing Economic Survey and Progress Details of Public Enterprises (Yellow Book) is underway, spokesperson Pandeya shared.
In accordance with the constitutional arrangement, the Executive’s Budget Proposal (budget) must be mandatorily tabled at the joint meeting of the Federal Parliament.
