KATHMANDU, JUNE 10
The budget presented by the government for the upcoming fiscal year 2020-21 (Appropriation Bill) has been endorsed by a majority in the House of Representatives.
Speaker Agni Prasad Sapkota had presented the bill for a decision today, which was passed by a majority in the House of Representatives, even as only the MPs of the ruling Nepal Communist Party (NCP) had voted in its favour.
As per the constitutional provision, Finance Minister Yubaraj Khatiwada had presented a budget of Rs 1.474 trillion for the next fiscal year on May 28 during a joint meeting of the Federal Parliament.
Subsequently, on June 3, the finance minister had tabled a proposal seeking passage of the bill.
The size of the budget for the upcoming fiscal year has been reduced due to the coronavirus pandemic.
For the current fiscal year 2019-20, the government had brought a budget of Rs 1.532 trillion.
The budget endorsed by a majority in the House of Representatives has to be passed by the National Assembly (NA) as well. The NA has 15 days to provide its feedback on the bill, failing which it will be sent to the president for final approval.
In the NA, as in the House of Representatives (HoR), there will be a discussion on ministerial topics. The budget will be passed after the concerned minister responds.
Once endorsed by both houses of the Federal Parliament, it will pave the way for the government to spend the budget from the new fiscal year.
The HoR has already passed the Economic Bill, National Debt Raising Bill, Loan and Guarantee Bill and sent it to the NA. The budget is considered to have been passed in full after all the bills are passed by the NA.
The lawmakers had proposed 26 additional spending cuts for various ministries in the budget for the coming fiscal year. All additional spending cuts have been rejected by a majority in the lower house.
A version of this article appears in e-paper on June 11, 2020, of The Himalayan Times.
Written by Sureis
This news first appeared on https://thehimalayantimes.com/business/house-of-representatives-endorses-appropriation-bill/ under the title “HoR endorses Appropriation Bill”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.