Kathmandu [Nepal], September 14 (ANI): Budget holiday or inability of the Government of Nepal to spend from the state treasury is likely as the parliament fails to pass the Appropriation Bill related to budget within the scheduled date.
Finance Minister Janardan Sharma confirmed to reporters that the government would not be able to expend for a few days in the lack of appropriation bill tabled in the parliament couldn’t be passed on time.
The erstwhile government led by CPN (UML) on May 29 had brought ordinance budget for the current fiscal year and it was presented in the federal parliament on July 19.
As per the provision, an ordinance has to be passed within 60 days. On the same basis, the Appropriation Bill should have been passed by Wednesday. The endorsement of the Bill has been uncertain as the UML which takes the charge of main opposition at present continues to obstruct the House since its commencement on September 8.
This is probably the first time in Nepal that government expenditures are likely to be suspended. In the economic term, the condition is described as the ‘budget holiday’.
Today’s session of the House of Representatives could pass the proposal tabled by the Finance Minister seeking consideration over the Bill. Informing about the possibility of a ‘budget holiday’, the Finance Minister said the budget would be passed through due parliamentary procedures.
The next meeting of the HoR has been scheduled for September 20. As the Minister assured, there would be no hurdles in the collection of revenue and it would go regularly.
“Though the government may not be able to spend for some days, the Appropriation Bill would be endorsed through a regular process,” Janardan Sharma, the finance minister said.
The government had brought a bill to replace the ordinance budget on September 10 amidst protest from the opposition. Though Speaker Sapkota on Monday organised an all-party (those in the HoR) meeting on Monday in a bid to patch up the issue, the meeting was inconclusive as the UML did not turn up in it. (ANI)