Finance Ministry prepares budget calendar

Published On: April 1, 2023 06:00 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, April 1: The Ministry of Finance has prepared a schedule for formulating the policy and programme and budget for the upcoming fiscal year (FY 2023/24).

The ministry has prepared a 'budget calendar' for the upcoming fiscal year as per the provision in financial procedures and fiscal accountability act and budget formulation guidelines. 

As per the schedule, discussion would be held on the budget's policy and programme at the National Planning Commission from April 2-7. Subordinate departments of different ministries have been asked to submit 'policy papers' regarding budget formulation within April 3. 

The Revenue Management Division under the Finance Ministry would start activities related to the Revenue Advisory Committee from April 4. The committee will prepare a report incorporating the suggestions received during discussions with different stakeholders and personalities, according to the ministry. 

All the line ministries have been asked to propose a budget and to enter annual plans and programmes in the Ministerial Budget Information System within April 7. 

Discussion will be held on objectives, priorities and major programmes with the members of the federal parliament and provincial assemblies from April 9 to 11. The Inter-governmental Fiscal Council meeting will be summoned during this period, said the Ministry of Finance. 

Similarly, thematic discussion on the upcoming budget, programme and expenditure will be held from April 3 to May 3. Discussions would be held on conditional grants with the Ministry of Finance. 

As per the schedule, suggestions on the upcoming budget will be solicited from representatives of political parties, former finance ministers, former secretaries of the Ministry of Finance, economists and experts within May 9.

Amount received from foreign sources would be determined and mentioned in the budget within April 15 to May 8. 

The ministry plans to send the progress report of the government corporation for print by May 3. The draft of Principle and Priorities of Appropriation Bill will be prepared by May 3 while the Principle and Priorities of Appropriation Bill will be presented in both the Houses of the federal parliament within May 8.

The Ministry of Finance should estimate the technical assistance secured from bilateral or multilateral donor agencies and assistance obtained from other non-government agencies within May 8. 

The economic survey report and the progress report of the ministry should be sent to the printing press for print on May 13. The draft of the budget speech would be prepared on May 15, and the Revenue Advisory Committee will submit its report to the finance minister on May 19. The deadline for a briefing to the president has been fixed for May 24. Works like preparing the draft of the annual expenditure estimates along with the tripartite expenditure estimates and tallying the subject-wise expenditure estimates should be done on May 24. 

The printing of the books containing expenditure estimates should be completed on May 26. The Finance Ministry will give a final touch to the Finance Bill, the Appropriation Bill and the budget speech on May 27. 

Briefing the National Planning Commission and the Council of Ministers on the Finance Bill, the Appropriation Bill, and the loan and collateral bill, and sending them to the printing press for print will take place on May 24. The economic survey report, and the progress reports will be tabled in both Houses of the federal parliament on May 28, and be made public the following day. 


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