Tuesday, May 29, 2012

Finance Ministry asks private sector not to be discouraged

The Finance Ministry has appealed to the private sector to not be discouraged due to the prolonged political transition.
"There is no option other than to take the private sector into confidence," said finance secretary Krishnahari Baskota.
The private sector that is the largest employment generator has been disappointed by the 'death' of the Constituent Assembly that was supposed to promulgate the constitution on May 27.
The prolonged political transition has created a dilemma for investors — both domestic and foreign — as they had been waiting for the Constitution that could ensure safety of their investments along with a better law and order situation and political stability.
“We are holding talks with the private sector tomorrow to convince them not to be discouraged by the prolonged political transition," he said, adding that the meeting — chaired by caretaker finance minister Barshaman Pun — at the Finance Ministry today concluded that investment is key in not only employment generation but also for economic growth.
The Finance Ministry will continue its efforts in attracting foreign investment in the country in coordination with other ministries as the government has already announced fiscal year 2012-13 as Investment Year.
During the meeting, Pun asked revenue officials to keep a hawk's eye vigil on revenue mobilisation as it has lately been eyeing a shortfall also due to last fiscal year's VAT fraud issue and the political transition that has encouraged overnight profit-seekers and under-invoicing fuelled by weaker regulation and monitoring. “The government must meet the target of 20 per cent increase in revenue
mobilisation," he added.
By the end of the 10th month (mid-April) of the current fiscal year, the government had been able to mobilise revenue worth Rs 190.08 billion, which is a shortfall of Rs 2 billion from the target. The ministry has set a revenue mobilisation target of Rs 48 billion — Rs 19 billion for 11th month and Rs 29 billion for 12th month — for the next two months to meet its target of Rs 141.73 billion.
However, the government has been unable to spend on development activities that could create employment and bring vibrancy to the economy. By the 10th month of the current fiscal year, it has been able to spend only Rs 27 billion on cash basis. But the Finance Ministry has claimed that some Rs 37 billion has been spent and Rs 10 billion has not yet come in to the record books. The budget for the current fiscal year had earmarked Rs 72 billion under capital expenditure, which has been revised downwards — on the basis of slow performance — to Rs 65 billion in the mid-term budgetary evaluation.
The government has received Rs 39 billion as grants and loans each making a total of Rs 78 billion foreign aid commitment. But the government has targeted to receive Rs 100 billion foreign aid commitment, which the ministry still believes to be possible.
The meeting also discussed on the budget for the next fiscal year that has to be announced through ordinance because of the absence of a parliament after May 27.


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