Budget likely on November 19

The caretaker government is likely to present the budget on November 19.
Prime minister Madhav Kumar Nepal of the caretaker government has directed the Finance Ministry this morning to make preparation of the budget to table on November 19.
"The government has to either bring budget before or after the UCPN-Maoists plenum that is being scheduled from November 21," said an official, who attended the meeting. "The premier chose to bring it before."
The Finance Ministry is waiting for the budget announcement date to be fixed to finalise the last minute details.
Prime Minister has consulted with Finance minister Surendra Pandey, legal experts and Finance Ministry officials at his official residence, Baluwatar today morning.
During the consultation meeting, the premier also asked the legal experts for their advise on what should the government do if the UCPN-Maoists obstruct the government from presenting the budget in the parliament.
"The legal experts suggested to bring the budget through ordinance under Article 88, if the UCPN-Maoists continue to obstruct," said advocate Tika Ram Bhattarai, who was one of the experts the premier consulted with.
The UCPN-Maoists have been challenging the constitutional right of the caretaker government claiming that it can not bring the full-fledged budget.
Due to surprise resignation of Prime Minister Nepal in June -- 15 days before the budget presentation date -- finance minister Surendra Pandey brought a Special Budget of Rs 110.21 billion for the regular expenses under Special provision.
In absence of budget hospitals, senior citizens and government staffers will be hit hard as the government -- from November end -- cannot buy essential medicines and pay allowance to the senior citizens and salaries to its staffers that comes from the regular expenses.
The government has spent almost all the budget under its regular expenses head. "Due to legal provisions, the budget separated under the development expenses could not be transfered under the regular expenses," finance secretary said Rameshwor Prasad Khanal, who thinks that budget is urgent need of economy.
"The nation is above politics and the opposition will be ready to cooperate in bringing the budget," he said, hoping that everyone including the UCPN-Maoists knows the necessity of the budget for the country's development.
In absence of the full-fledged budget, the state coffer has also been hurt, as the government can not hike the revenue, though it can continue collection according to last fiscal year's policy.
The government can also not borrow from the internal market. "Had the budget come on time, the government could have borrowed from the market that has enough liquidity currently," Khanal said, adding that it could have expidited the development activities.

Conclave on budget
KATHMANDU: The umbrella organisation of Nepali private sector is organising a conclave on Sunday to pressurise the government to bring budget as soon as possible. "At a time, when all the economic indicators are negative, absence of budget is bleeding the country blue," Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said, adding that the delay will also raise question mark over the efficiency of the politicos. The private sector will announce its united stance on budget after the meeting.