Govt to hold talk with oppositions for common economic program

KATHMANDU, Sept 28: Finance Minister Barsha Man Pun on Friday said that the government was working out a common minimum economic program (CMEP) in an attempt to bring the opposition parties on board and pave the way for early announcement of full-fledged annual budget.



The government started the fresh exercise for the CMEP as building a political consensus in the present state of lack of parliament and constitutional vacuum is considered a must for announcing the full-fledged annual fiscal policy, priorities and budget. Failing to garner that, the government has been operating with one-third budget.[break]



“We have already worked out basic premises and content of the CMEP by holding consultations with the economists and experts,” said Pun. “I will soon hold a series of meetings with leaders from the opposition parties to come up with a common document,” he said, speaking at the 13th annual general meeting of Society of Economic Journalists of Nepal (Sejon).



If the opposition agreed on the document, the government believes it will not just pave the way for the announcement of annual budget, but also lay down a ground for the parties to build understanding on outstanding political issues as well.



“One-third budget will not serve the people´s interest. The country must have a full-fledged budget to deliver people´s development aspiration. Hence, it is not just a matter of concern of parties in the government,” said Pun.



He argued that the country should have a common economic agenda in place irrespective of the situation and whoever is in the government. Pun said the government agencies have already started facing impacts due to one-third budget, as it neither allows them to start new program nor ensures them enough budget to run the regular programs smoothly.



“Difficulties are there. But we are committed to sort them out and continue giving momentum to the development works and maintain economic stability,” said Pun.



Pun, presenting the latest macro-economic outlook, said that the economic indicators were performing well even despite the absence of full-fledged budget for 2012/13. “Share market and real estate sector too have gradually improved in recent days,” he said.



Referring to the risks faced by the petty investors in the unregulated commodities market, Pun said the government would soon formulate a law to regulate it and safeguard the interest of the investors. “Securities Board of Nepal (Sebon) has already prepared a draft of its law,” he said.

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