Supplementary Budget in offing, lawmakes at dark

The government is bringing Supplementary Budget by Friday, but the parliamentarians have no clue of who is preparing the budget and where.
"Even the Finance Ministry is being kept in dark,” claimed the parliamentarians.
But Dr Dilli Raj Khanal, a member of the Supplementary Budget preparatory team that also has Dr Sriram Poudel and Dr Dinesh Chandra Devkota, said that they are bringing Supplementary Budget by the end of this week.
Khanal also claimed that Supplementary Budget will address current economic anomalies, and stimulate exports encouraging private sector investment, though there is less time to implement it.
The fiscal year has only four months. "Due to less time to implement the budget, it will be realistic, he added.
“Evaporation of exports has bled the economy,” Khanal said, adding that the fiscal policy must stimulate exports’ share in the total trade that has dropped to 14 per cent.
“It will also address the current liquidity crunch in the banks and increase their lending capacity to the productive sector,” he said, adding that without new investment on productive sectors more employment could not be created.
The current ordinance budget presented by Surendra Pandey lacked vision as it has come without programme and policy, he justified the need of the Supplementary Budget that he thinks will expedite capital expenditure and stimulate economic activities.
However, parliamentarians today raised hell over the style of budget preparation in the Legislature Parliament.
At a time when there is only four months left in the fiscal year, the government is bringing Supplementary Budget, said Dr Ram Sharan Mahat, the Nepali Congress lawmake objecting the style of budget preparation. "We have heard that the Supplementary Budget is being prepared in ‘Guerrilla style,” he said, adding that a new economic policy is need of the hour to boost production and create conducive investment environment.
The production sector is perfoming poorly due to regular power outage, labour problems and lack of government initiatives.
Tabling a Proposal of Public Interest, Mahat seconded by Dr Prakash Chandra Lohani and Binod Chaudhary urged to boost the investors’ confidence, stop capital fligh and contain the price hike.
The consumption expenditure to GDP ratio has increased and gross national saving is shrinking, Mahat said, adding that industries are being closed blocking the no new employment opportunities, due to plunge in exports Forex reserve has dropped and the country is moving towards uncertain future.
Similarly Binod Chaudhary, CPN-UML lawmaker, said that the government has to create conducive environment for the industries to propel the economic growth.
The then finance minister Surendra Pandey had brought Rs 337.9 billion budget through ordinance for the fiscal year 2010-11, four months late than the schedule.