KATHMANDU, JANUARY 24
Finance Minister Bishnu Prasad Paudel has expressed dissatisfaction over the sluggish pace of development budget expenditure in the first six months of the current fiscal year (mid-July to mid-January).
Speaking during the midterm budget review programme, Finance Minister Paudel said that capital spending has remained low due to lack of initiative by the concerned ministries and bodies.
Out of the development budget allocation of Rs 352.91 billion for the current fiscal year, only Rs 50.82 billion or just 14.40 per cent has been spent till mid-January.
Even more worryingly, the capital expenditure was 19.60 [er cent lower compared to the corresponding period of the previous fiscal.
Similarly, recurrent expenditure during the review period stood at Rs 342.36 billion or 36.08 per cent. It was, meanwhile, 10.56 per cent higher compared to the same period of last fiscal year.
In the review programme, Finance Minister Paudel expressed frustration at the dismal report ‘even though the Ministry of Finance has been facilitating and holding discussions to increase capital expenditure along with development works by adopting health security measures during the COV- ID-19 pandemic’.
Stating that the main reason for lack of improvement in capital spending is due to concerned authorities not taking the initiative to solve the existing problems, he said that there should be discussion and coordi