KATHMANDU, Feb 11: Although the government has already allocated Rs 10 billion in the current budget for the election, the Election Commission has sought an additional Rs 40 billion to conduct the upcoming local level election. Information to this was shared by the Finance Minister during a program organized to unveil the bi-annual report of the current budget.
"It is the government's duty to ensure resources for the election as it is the national campaign. So, we are under pressure," said Minister Sharma, adding that the election would be held on time by managing the necessary budget.
On the occasion, Minister Sharma admitted that the development budget was not spent due to legal and structural hurdles. Failure of projects to acquire land to expedite their works is another reason behind low capital expenditure, he argued.
According to the Finance Minister, those responsible for carrying out project works failed to make honest efforts. He argued that shortage of skilled human resources equally affected the pace of work.
Sharma further said the budget would not be spent fully. Last September, Minister Sharma had unveiled the replacement budget of Rs 1.63 trillion. Minister Sharma further regretted that the budget was brought without adequate preparation. "I'm for changing the budget making process. It is imperative to fix standards on what sort of project the province, local and federal government can carry out," he mentioned.
According to him, cooperation from all sides is necessary to curb crypto currency, hyper funds, online games and others which are posing a threat to the economy. "With illegal use of science and technology, there is huge capital flight. The government is working with necessary strategies to curb them," he said.
Policy level initiatives are being taken to minimize the stress on foreign currency reserves, he said.