Nepal | July 14, 2020

NC points out flaws in fiscal budget

Says Rs 6 billion set aside for COVID crisis not enough

Himalayan News Service
Share Now:


The main opposition Nepali Congress today consulted former finance minister Ram Sharan Mahat, economist Swarnim Wagle and former vice-chairpersons of National Planning Commission Jagadish Chandra Pokharel and Govinda Pokharel on the fiscal budget presented by the government in the Parliament yesterday.

As suggested by the experts, the NC has decided to point out major flaws of the budget, including the issue of inadequate budget to check the spread of the coronavirus pandemic, over dependence on domestic and foreign loan and lack of clear vision to revive the national economy affected by the lockdown, NC Chief Whip Bal Krishna Khand told THT.

Khand said the government proposed to arrange around 36 per cent of the budget amount in the form of domestic and foreign loan and grant, but since the coronavirus had badly affected the economy of all the countries, the government might not get the anticipated foreign loan and grant. He said the government had earmarked only six billion rupees to cope with the COVID-19 crisis in the next fiscal which would be far from enough as World Health Organisation and experts had warned that threat posed by COVID-19 was unlikely to subside soon.

Khand said the government failed to bring programmes to revive industries, hotels and tourism sectors that had been paralysed by the prolonged lockdown.

If tourism and other industries are not revived, the government will not be able to meet its revenue target, which will ultimately ruin the national economy, added Khand. He said the government had failed to bring enough programmes to create jobs for lakhs of migrants, who would be forced to remain in the country as the pandemic had badly affected the labour destinations as well.

A version of this article appears in e-paper on May 30, 2020, of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Nepal's PM KP Sharma Oli 'claims' real Ayodhya is in Nepal

KATHMANDU: At a time when diplomatic relations between Nepal and India are at a sensitive juncture over border issues, Prime Minister KP Sharma Oli has thrown a controversial statement that could further elevate tensions in the bordering countries. Speaking at an event organised to commemorate po Read More...

Case of HIV patient in remission offers hope to millions living with virus

LONDON: When Ash Kotak found out he was HIV-positive in 1993, the diagnosis was still a death sentence. "I was told to go off and have a good life on the assumption I would be dead in a few years," the 54-year-old playwright, writer and HIV/AIDS activist told the Thomson Reuters Foundation on T Read More...

Manchester United, Marcus Rashford, Premier League

United stay fifth after Saints grab last-gasp leveller

MANCHESTER: Manchester United's Champions League qualification hopes suffered a blow after an equaliser deep in stoppage time from Michael Obafemi earned Southampton a 2-2 draw in the Premier League at Old Trafford on Monday. United, unbeaten in 18 games in all competitions, were poised to m Read More...

Capital budget spending at two-decade low of 40 per cent

KATHMANDU, JULY 13 With just two days remaining for the 2019-20 fiscal year to end, capital budget expenditure throughout the year stands at one of the worst ever at 39.62 per cent. Officials at the Ministry of Finance said capital expenditure during the current fiscal year, which was primaril Read More...

Mayur company resumes bus service in Kathmandu

Kathmandu, July 13 Mayur Yatayat Company resumed its bus services from today in Kathmandu valley amid the COVID-19 pandemic. The decision of Mayur Yatayat has come as a relief to commuters at a time when other public transportation entrepreneurs were refusing to operate their services citing f Read More...

‘Press freedom should involve accountability’

Kathmandu, July 13 Minister of Communications and Information Technology Dr Yubaraj Khatiwada said the CIT Ministry ought to start digitisation first, by utilising the advancement of information technology. As the government has adopted a digital framework, we should become paperless in our activ Read More...

Absconding murder suspect held after 13 years

Kathmandu, July 13 Police have nabbed one of the two prime murder suspects of the much-hyped Sitapaila murder case that had happened 13 years ago. Two workers at a saw mill had allegedly killed its owner, his wife and inflicted serious injuries to their 15-year-old son on the night of 2 Januar Read More...

US debates school reopening, WHO warns 'no return to normal'

MIAMI: The resurgence of the coronavirus in the United States ignited fierce debate Monday about whether to reopen schools, as global health officials warned that the pandemic will intensify unless more countries adopt comprehensive plans to combat it. “If the basics aren’t followed, there is Read More...