Thursday, November 1, 2012

Experts suggest government to bring full-fledged budget on consensus

Though private sector and economists voiced the need of full-fledged budget on time, they, however, suggested caretaker Prime Minister Dr Baburam Bhattarai to forge consensus first.
Some were also of the view that the caretaker government can bring a full-fledged budget 'but with preconditions."
"The President must ask the government to reprioritise the programmes and bring a whitepaper on detailed expenditures of the 'special budget' before the budget," said senior economist Prof Dr Bishwhambher Pyakuryal.
Since there is no guarantee of political consensus within two weeks, the country should not be peneliased for the inefficiency of the political leaders, he said, adding that the country will lose its credibility, if it fails to bring budget.
However, some of the economists were of the view that with or without budget, the country is not moving ahead and failure of government in creating investment friendly environment is not related to the budget. "If only the government can ensure investment friendly environment, the budget can instill confidence in the private sector," they said, blaming the UCPN-Maoist party for promoting the culture of industrial disturbance.
"Can closing the industries ensure inclusive growth," asked economist Subodh Kumar Karna.
Without improving investment climate, the budget alone can instill no confidence in the investors, said former National Planning Commission (NPC) member Dr Pushkar Bajracharya.
"Budget is not only a financial document, but also a political vision paper," said another former NPC member Dr Posh Raj Pandey. "In absence of parliament, there is a huge risk of budgetary misuse due to lack of governance and accountability," he said, adding that the budget without consensus could bring yet another controversy and deepen the crisis further.
Urging the political parties to forge consensus as soon as possible to bring the full-fledged budget and save the country from being a failed state, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Suraj Vaidya asked the government to bring a full-fledged budget as a consensus economic policy document.
Addressing the private sector and economists, finance minister Barsha Man Pun said that the government brought a one third budget as it had failed to forge consensus earlier. "We are trying to forge consensus this time too," he said, without sounding much optimistic.
Despite difference in political ideology, there is no option to agreeing on the transitional economic model, Bhattarai said, hoping to forge consensus to bring a full-fledged budget within November 15.
However, the sacred word 'consensus' has been eluding the caretaker government led by Dr Bhattarai, who had brought a special budget of Rs 161.24 billion for the four months as an interim public expenditure arrangement in mid-July through the ordinance due to absence of Parliament.


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