Sunday, February 10, 2013

Without election, chances of next fiscal year’s budget slim



As political consensus has eluded political parties, and caretaker prime minister Dr Baburam Bhattarai is adamant on occupying Baluwatar 'to escape criminal cases', according to him, the chances of a budget for next fiscal year is also getting slimmer.
In the absence of a parliament, the country might not see a budget for next fiscal year too, said former secretary Dr Bhola Chalise.
The sooner political parties forge consensus for elections, the better it is for the economy, he said, adding that otherwise, the country will also not get a budget in the next fiscal year, which will fuel the informal economy, increase trade deficit, and force more Nepali youths to become migrant workers due to lack of employment at home.
Though economic growth for the current fiscal year is looking down, as has always been when the UCPN-Maoist came to power in the last six years after 2008, neither the opposition parties nor the private sector are serious about putting pressure on the incumbent government to forge political consensus for elections that could pave the way for a parliament, which can ensure a budget for next fiscal year.
For the first time in over six decades, the country did not get a budget for the current fiscal year 2012-13 — due to the absence of a parliament — hitting the economy hard. Dr Bhattarai and the opposition have been blaming each other for the tragic death of the Constituent Assembly (CA) — that also acted as a parliament — on May 27, 2012, without drafting the Constitution that has subsequently created a vacuum giving Dr Bhattarai's government the opportunity to become totalitarian.
"The country, for the first time, could not get a budget in last sixty years, the first time the country had a budget," said caretaker finance minister Barshaman Pun, the other day. His realisation has, however, come too late to rescue the economy from going down. The International Monetary Fund (IMF) has shown serious concern for Nepal's economic growth performance that has weakened in the last three months.
Pun had brought an interim public expenditure arrangement twice for the current fiscal year based on last fiscal year's real expenditure. The interim public expenditure arrangement has given the government the right to mobilise revenue and allocate budget for ongoing multi-year projects, apart from debt servicing, paying salaries to civil servants, army and police.
However, the government has miserably failed to spend on development activities that could have created a firm infrastructure base for economic growth. But going by the expenditure trend of the last fiscal year and this fiscal year's first six months, the government seems unwilling to expedite development expenditure that would have not only generated employment but also created a foundation for economic growth.
Development partners have also asked the government to increase its appetite for development expenditure. Due to the government's lack of appetite for development expenditure, foreign aid commitment has dropped to Rs 15.76 billion — Rs 14.04 billion grants and Rs 1.71 billion loans by mid-January — from Rs 44 billion in the same period last fiscal year.
Likewise, the government has been able to spend only Rs 7.04 billion under capital expenditure in the first six months of the current fiscal year as compared to Rs 9.56 billion in the same period of last fiscal year, according to the Finance Ministry.
According to the opposition, the government's low development spending could be strategic as it can spend the remaining budget arbitrarily in the trimester — last four months — of the fiscal year.
Over the years, the trend has been such that successive governments have been spending more than 70 per cent of the total development budget in the last four months, benefitting party cadres but hurting projects and failing to meet development needs.
Dr Bhattarai, for his ego not to step down, will go down the history as not a Maoist leader but the one, who destroyed the economy and forced the people live in poverty for another couple of decades in Nepal that offers huge opportunities but is suffering due to the vision-less political party like UCPN-Maoist. foreign

8 comments:

Anonymous said...

Attractive element of content. I simply stumbled upon your blog and in accession capital
to assert that I get actually loved account your blog posts.
Any way I�ll be subscribing on your feeds or even I success you access constantly fast.



Feel free to surf to my site facebookofsex

Anonymous said...

Thanks for the sensible critique. Me and my neighbor were just preparing to do some research
about this. We got a grab a book from our local library but I think I learned more from this post.
I'm very glad to see such magnificent info being shared freely out there.

my site; facebook of sex

Anonymous said...

Thanks for your post. Another factor is that just being a photographer requires
not only trouble in capturing award-winning photographs but
also hardships in establishing the best digital camera suited to
your needs and most especially issues in maintaining the caliber of your camera.
This really is very accurate and noticeable for those photographers that are directly into capturing a
nature's engaging scenes : the mountains, the particular forests, the wild or even the seas. Going to these amazing places surely requires a digital camera that can live up to the wild's nasty landscapes.



Here is my web-site: fuck book

Anonymous said...

Thanks for the tips shared on your own blog. Something else I
would like to state is that weight reduction is not exactly about going on a dietary fad
and trying to get rid of as much weight as possible in a few
months. The most effective way to lose weight naturally is by getting it bit by bit and using
some basic recommendations which can provide help to make the most through your attempt to slim down.
You may recognize and already be following some of these tips, nevertheless reinforcing knowledge never affects.


my blog - adult finder

Anonymous said...

Hello there! This is my 1st comment here so I just wanted to give a quick shout out and tell you I really enjoy reading through
your articles. Can you recommend any other blogs/websites/forums that cover the same topics?

Thanks a lot!

Feel free to surf to my blog post ... cyber sex

Anonymous said...

My husband and i felt very glad when Jordan could finish
off his researching from your precious recommendations he came across from your blog.
It's not at all simplistic to simply find yourself giving for free helpful hints that many people today may have been trying to sell. We really take into account we have you to be grateful to because of that. The type of illustrations you made, the simple site navigation, the friendships you can make it easier to foster - it's mostly extraordinary,
and it's making our son in addition to us do think the subject matter is interesting, and that's incredibly pressing.

Thank you for the whole thing!

Also visit my homepage ... wiki.ohalo.ac.il

Anonymous said...

Hello there! I know this is kinda off topic however I'd figured I'd ask.
Would you be interested in exchanging links or maybe guest
authoring a blog post or vice-versa? My website addresses a
lot of the same topics as yours and I believe we could greatly benefit from each other.
If you're interested feel free to send me an email. I look forward to hearing from you! Great blog by the way!

Review my blog post; adult finder

Anonymous said...

I have observed that online diploma is getting favorite because obtaining your degree online has turned into a popular choice for many people.
A lot of people have definitely not had a possible opportunity
to attend an established college or university although seek the raised
earning potential and career advancement that a Bachelor Degree gives.
Still hers might have a degree in one training but would like to
pursue anything they now have an interest in.



My blog skype sex