KATHMANDU, April 1: The Ministry of Finance (MoF) has initiated the process of drafting the budget for the upcoming fiscal year 2024/25. With the commencement of budget drafting, the MoF has urged employees to attend meetings only if absolutely necessary.

KATHMANDU, March 30: The Ministry of Finance has formed a budget drafting committee for the upcoming Fiscal Year (FY) 2024/25.

KATHMANDU, March 27: The Ministry of Finance has posted average performance and achievement of the set goals until the half-yearly review period of the current fiscal year 2023/24.

KATHMANDU, March 25: The Ministry of Finance is managing funds necessary for the reconstruction of school buildings that were destroyed in the Jajarkot earthquake.

KATHMANDU, Feb 21: The UK has committed $505 million in development grants to Nepal by 2030. The UK government made this commitment by signing two separate grant agreements related to business and green growth with Nepal during a special function held at the Ministry of Finance on Tuesday.

KATHMANDU, Feb 19: The government has failed to mobilize foreign loans as per the target in the first seven months of the current fiscal year.

KATHMANDU, Feb 16: As Nepal grapples with resource shortages for development projects, there's been a huge decline in international aid extended to the country by its development partners.

KATHMANDU, Feb 15: The progress of road projects listed under the national pride project has been observed to be sluggish during the first six months of the current fiscal year. There are only seven road projects designated as national pride projects, but the physical advancement of all these projects has been slow.

KATHMANDU, Feb 10: The federal government has succeeded in converting its reserve funds into a surplus of Rs 44.9 billion as of Thursday, after the government reduced its expenditure compared to revenue collection in around seven months of the current fiscal year.

KATHMANDU, Jan 30: The Ministry of Finance, which has been pointing fingers at the development ministries for poor budget expenditure, is in a miserable position with its own budget spending. The ministry has spent only 10.05 percent of the allocated budget in the first six months of the current fiscal year (FY) 2023/24.

KATHMANDU, Jan 24: The government has introduced an ordinance requiring authorities to discuss the principles and priorities of the budget (pre-budget) three months before presenting the budget in each fiscal year. On the recommendation of the government, the Fiscal Procedures and Financial Responsibility Ordinance (First Amendment) 2080 BS was issued by the President on Wednesday, January 18.

KATHMANDU, Jan 8: The Ministry of Finance has formed four committees to improve the budget system. Under the leadership of three under secretaries of the Budget and Program Division, the Ministry has formed committees to provide suggestions on the work to be done to improve the budget system.

KATHMANDU, Dec 24: The Ministry of Finance (MoF) is all set to conduct onsite inspection of the projects being developed under foreign assistance, citing the slow progress of a number of these projects.

KATHMANDU, Dec 12: Two months after the cancellation of the transmission line construction contract under the popular US aid project Millennium Challenge Corporation (MCC) project, the new contract process has not yet started.

KATHMANDU, Dec 12: The Ministry of Finance (MoF) has changed the responsibilities of six joint secretaries. According to a ministerial decision, Mahesh Acharya has been given the responsibility  to oversee the Administration Division within the MoF.

KATHMANDU, Dec 10: While the contractors have been struggling to receive payment from the government for the work they have already completed, the Ministry of Finance (MoF) has refused to pay them through cash transfer.

KATHMANDU, Dec 3: The Ministry of Finance has directed Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local governments.

KATHMANDU, Nov 8: The government has enforced Multi-year Contract Work Procedure-2023 with the aim of tackling the problems seen in multiyear projects.

KATHMANDU, Nov 7: Even though the Ministry of Finance announced to have paid the arrears of the builders for the last fiscal year to the four development ministries, the builders have not received the payment as per the instructions. The Ministry of Finance issued a circular to all the four Development Ministries on October 18 and instructed them to pay the pending dues.

KATHMANDU, Nov 7: The government has formed a task force under the coordination of the Ministry of Home Affairs to study the feasibility of cannabis cultivation.

KATHMANDU, Oct 13: The government has stepped up its spending in the past few weeks, with the Ministry of Finance (MoF) releasing Rs 117 billion for payment of the government liabilities.

Kathmandu, Sept 21: The meeting of the High-level Financial Sector Coordination Committee has directed the regulators and related sectors to submit within two weeks an action plan for reforms in the financial sector.

KATHMANDU, Sept 18: In a cabinet meeting held on Friday, the government made a significant administrative decision by reassigning Secretary Krishna Hari Pushkar to the Ministry of Finance.

Sept 13: The government has decided to import 20,000 tons of sugar with a 15 percent customs discount in preparation for the upcoming major festivals.

KATHMANDU, Sept 8: The Ministry of Finance has made arrangements for commercial banks to count the money allocated to the local governments as deposits from Sunday.

KATHMANDU, July 23: In a bid to ensure effective implementation of the budget, the Ministry of Finance (MoF) has issued 81-point guidelines to all the ministries, departments and agencies of the government.

KATHMANDU, July 5: It has been found that President Ramchandra Paudel has sent a bill to the Ministry of Finance through the Ministry of Foreign Affairs (MoFA) for the payment of his medical expenses in New Delhi.

KATHMANDU, June 24: The National Natural Resources and Fiscal Commission has sent a formal request to the Ministry of Finance, urging the latter not to reduce the financial equalization grant to sub-national governments.

KATHMANDU, June 9: The Ministry of Finance on Thursday consulted donor agencies' representatives for arranging the investment amount for the Upper Arun Hydropower Project of 1,061 megawatt capacity.

KATHMANDU, June 7: The Ministry of Finance (MoF) has been dragged into controversy once again for allegedly using an “unauthorized person” to draft the budget for the fiscal year (FY) 2023/24.

KATHMANDU, May 29: In the period up to the end of February of the current Fiscal Year, about 95 percent of the population has access to electricity.

KATHMANDU, May 26: The draft of the Federal Civil Service Act, which was prepared and sent for approval by the Ministry of Federal Affairs and General Administration (MoFAGA) to the Ministry of Finance about two months ago is gathering dust at the ministry.

As the preparation for the federal budget for the next fiscal year is under full swing, the Ministry of Finance has concluded deliberations with the line ministries, business and industrial organizations, corporate houses and other concerned stakeholders to include appropriate suggestions to give final shape to the budget. The pre- budget discussion is underway in the parliament and thereafter the budget will be presented in the parliament on 29th May 2023 as per the constitutional provision.

KATHMANDU, April 28: Due to increasing pressure on government finances, the government has cut 50 percent of the third installment of the financial equalization grants to be provided to the provincial and local governments.

KATHMANDU, April 28: The government carried out significant budget transfers in the past one month, primarily to finance its internal debt.

KATHMANDU, April 19: Civil servants have protested against the Civil Service Bill.

KATHMANDU, April 9: The government is currently preparing the budget for the upcoming fiscal year 2080/81. At the same time, the Ministry of Finance has asked for open suggestions on matters related to the budget.

KATHMANDU, April 3: The Ministry of Finance (MoF) has cut down the amount of conditional grants that were being given to the provincial and local governments at a time when the federal government itself is struggling to manage its expenses amid the low revenue collection.

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).

KATHMANDU, March 17: The Ministry of Finance and the British Embassy, Kathmandu, signed a Memorandum of Understanding (MoU) for UK-Nepal collaboration through the Local Infrastructure Support Programme (LISP) on Thursday.

The decision by the Ministry of Finance (MoF) to discontinue financial subsidies to Nepali farmers is a catastrophic mistake that will undoubtedly further cripple the country's agricultural production. Despite the government's allocation of Rs 8.5 billion for agricultural self-sufficiency programs, the MoF has withheld Rs 8.457 billion of this amount, leaving Nepali farmers to bear the brunt of its imprudence.

KATHMANDU, Feb 21: The government allocated Rs 8.5 billion to be spent through the provincial and local levels for agricultural self-sufficiency programs to increase production. However, the Ministry of Finance has withheld Rs 8.457 billion of this subsidy amount meant for Nepali farmers while the agricultural products worth millions of rupees are being imported from abroad instead of promoting home-grown products.

KATHMANDU, Feb 7: The Ministry of Finance has requested for details of grants spent by all local levels.

KATHMANDU, Feb 1: It has been decided that the bill to amend some laws related to money laundering will be moved forward on a fast track basis.

KATHMANDU, Jan 20: The government has put forward various schemes to reduce recurrent expenditure in the current financial year. The Ministry of Finance has made some points public by issuing the 'Recurrent Expenditure Reduction Standards, 2079'.

KATHMANDU, Dec 25: The Minister for Culture, Tourism and Civil Aviation, Jeevan Ram Shrestha has sent a proposal to the Ministry of Finance to provide 300 million rupees as subsidy to various organizations close to him. The Ministry of Culture, Tourism and Civil Aviation has been giving grants to organizations working in social, religious and cultural fields. However, grants given in this way are not regular.

KATHMANDU, Sept 23: The Election Commission (EC) has asked the Ministry of Finance to furnish the details of the transfer of funds outside the approved annual budget for the current fiscal year following the declaration of the date for election.

KATHMANDU, August 25: Niranjan Kumar Jha, the general manager of Nepal Railway Company, has complained that the Ministry of Finance has not cooperated in operating the train.

KATHMANDU, August 17: The Ministry of Finance (MoF) finally walked the talk when it comes to substituting the use of LPG with electric stove (popularly known as induction stove).

KATHMANDU, July 17: It has been a year since the problem began to appear in the country’s external sector. The problems seen since mid-July 2021, the first month of the last financial year, have not been resolved until the beginning of July this year. The problems in some areas are going deeper.