KATHMANDU, Jan 19: The government has amended the Fiscal Procedures and Financial Responsibility Act-2076 BS through an ordinance ensuring some new changes in the provisions for the budget calendar.
President Ram Chandra Paudel issued the Fiscal Procedures and Financial Responsibility (First Amendment) Ordinance-2080 BS on Thursday upon the recommendation of the Council of Ministers.
The ordinance mandates that the priorities of the budget should be presented before the federal parliament three months before presenting the Appropriation Bill (annual budget) which means that the principle and priorities of the budget should be presented in the parliament within mid-February every year.
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Similarly, amendment to the Fiscal Procedures and Financial Responsibility Act-2076 BS has also revised the timeline for fixing the budget ceiling, said Dhaniram Sharma, spokesperson for the Ministry of Finance.
There is a legal provision that the federal government has to present the Appropriation Bill in the parliament on Jestha 15 (around May 29) every year. Similarly, the government should collect suggestions from lawmakers within a month after holding discussion on the principles and priorities of the budget.
Earlier, there was a provision that lawmakers had to give suggestions to the government within seven days of presenting the budget's principles and priorities in the parliament.
Point no 29 of the annual budget of the current fiscal year mentions that an arrangement would be made from next fiscal year to present the principles and priorities of the Appropriation Bill within mid-March after the ministry-level budget ceiling is determined.
The ordinance was introduced to implement this provision of the budget. The government is hopeful that this will help formulate a realistic budget on the basis of lawmakers' suggestions.
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