Bhattarai's largesse gets Mahat's goat

Finance Minister Dr Baburam Bhattarai — one of the chief architects of the ultra-red resurgence — has exuded optimism that his party, the CPN Maoist, would be a guiding force in the years to come.
"The people are convinced that only the Maoists can lead Nepal,” was Dr Bhattarai repartee to the ruling coalition's move to pass financial liabilities to future governments.
It may be recalled that the finance minister in his budget speech had spelt out a populist package. Provisions have been for complete loan, interest and fine-waiver of up to Rs 30,000. There are more goodies in store. Interests and fines have been written off for all those, who borrowed between Rs 30,000 and Rs 1 lakh from Agriculture Development Bank, Small Farmers Development Bank, Nepal Bank Ltd and Rastriya Banijya Bank. The cabinet has given its nod to Dr Bhattarai's ambitious plan last week. But, playing to the gallery will hurt the government. The state exchequer has to pick up a tab of a whopping Rs 9.18 billion.
Former finance minister Dr Ram Sharan Mahat is quick to pounce upon the populist measures. "This will transfer the entire burden to the future governments. It is unethical. He has been the most irresponsible finance minister,” alleged Dr Mahat.
Dr Bhattarai, however, countered his predecessor. "We are not passing the buck. We are the ones, who will lead the country for years to come,” said a supremely confident Dr Bhattarai. "On top of this, its our responsibility to give relief to small farmers and entrepreneurs, whose income took a huge hit during the conflict,” he reasoned.
“We are determined to settle the amount within a time frame. Either way, the financial institutions were going to lose since no one was in a position to pay,” said the finance minister, who seemed to have the nation's pulse. Interestingly, Dr Bhattarai has allocated Rs 400 million in the budget, which was tabled on September 19.
Dr Mahat picks a financial hole in the minister's scheme. “This has put the future finance minister in the dock. He has to pay more than Rs 8 billion for Dr Bhattarai's deeds,” blamed the Nepali Congress leader.
Dr Bhattarai, though, is unfazed. "We know our responsibility. No one needs to worry on this score,” he reiterated.