Financial discipline is a fundamental principle that any responsible government must adhere to. It ensures that taxpayer money is spent efficiently, transparently, and with accountability. However, the recent actions of the government, making massive transfers of the budget and spending a staggering Rs 125.07 billion in the last three weeks, have breached this basic norm of financial discipline. This is not just a matter of concern; it is a blatant display of indiscipline that cannot be ignored. To put this into perspective, let's consider the government's spending pattern throughout the current fiscal year. In the first 11 months, the government spent a development budget of only Rs 153.08 billion. Yet, within a mere three weeks, it exhausted a staggering Rs 125.07 billion. Such a drastic increase in spending raises serious questions about the government's fiscal management. According to the Financial Comptroller General Office (FCGO), the government's total expenses reached Rs 1.316 trillion by the end of this fiscal year, up from Rs 1.176 trillion just a few weeks ago. These figures clearly illustrate the government's propensity to rampantly spend funds meant for development projects. This reckless behavior jeopardizes the long-term prospects of sustainable development and hampers the efficient utilization of resources. Furthermore, it is alarming that the Ministry of Finance released a hefty amount of money to government agencies just before the FCGO's prescribed deadline. This action raises suspicions about the motives behind this last-minute surge in spending. It seems as though the government is more concerned about avoiding freezing of the allocated budget rather than ensuring effective and accountable expenditure.
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This year's budget allocation stands at a significant Rs 1.793 trillion. However, only 73.41 percent of this amount has been spent so far. This underutilization of allocated funds throughout the fiscal year raises questions about the government's ability to plan and execute development projects efficiently. It also indicates a lack of priority given to these crucial projects. Sadly, this breach of financial discipline is not a one-time occurrence. The FCGO's annual report consistently highlights the government's tendency to disregard financial discipline, particularly through last-hour spending. Regardless of the political party in power, this cycle of irresponsible behavior repeats itself year after year. In the previous fiscal year, the government spent a whopping 21 percent of the total budget within just one month, from mid-June to mid-July. This last-minute splurge amounted to Rs 209.75 billion out of the allocated budget of Rs 1.647 trillion. Such extravagant and rushed spending is not conducive to achieving sustainable development goals and can lead to wastage of resources. It is not uncommon for the government to resort to budget transfers at the eleventh hour of the fiscal year. Last year, these transfers amounted to a staggering Rs 196.41 billion, around 12 percent of the allocated budget. Within the final month alone, Rs 82.80 billion was transferred, while an additional Rs 27 billion was transferred within the last week of the fiscal year 2021/22. This practice further exemplifies the government's lack of foresight, planning, and financial prudence.
The height of indiscipline has been reached with these massive budget transfers and rampant spending. The government's actions not only undermine the principles of financial discipline but also erode public trust in the government's ability to manage public funds responsibly. Such behavior hampers the country's economic progress and deprives citizens of the much-needed development projects and services. It is imperative that the government takes immediate steps to address this issue and uphold the principles of financial discipline. Proper planning, efficient utilization of resources, and transparent monitoring of expenditures are essential to ensure that public funds are utilized effectively. Additionally, introducing measures to discourage last-hour spending and encouraging long-term budget planning can help break this cycle of indiscipline. The citizens have entrusted the government with the responsibility to manage public funds in their best interest. It is time for the government to show its commitment to financial discipline and work towards a more accountable and transparent system of budget management. Only then can we hope for sustainable development and progress of our nation.
