Despite
timely budget for the current fiscal year 2013-14, the government failed to
expedite the capital expenditure that could have created employment, encourage
private sector to borrow and invest, and above all propel the economic growth.
The capital
expenditure could not be expedited despite timely budget for the current fiscal
year and approval of the programmes, said the finance minister Shankar Prasad
Koirala, speaking to the journalists here today.
The
government has been able to spend Rs 13.71 billion capital expenditure by
yesterday.
The minister
said that the Finance Ministry alone is not responsible for the lower capital
expenditure. "The line ministries have to take ownership and expedite the
development works for the capital expenditure," he said, adding that the
incumbent government has, however, been successful in managing the transition.
"We have also succeeded in making apolitical budget. The private sector's
is walking hand-in-hand with the government."
However,
chief advisor to the Finance Ministry Dr Chiranjivi Nepal expressed surprise on
private sector's 'wait and watch' mood despite the timely budget in the current
fiscal year after four years. "The incumbent government has accepted the
private sector as a engine of economic growth," he added.
If the
government cannot increase its appetite for capital expenditure, there is no
need to accept the foreign aid, Nepal said, asking for the review of
consumption capacity of the country.
Finance secretary Shanta
Raj Subedi, on the occasion, urged to bring the fiscal policy in June. "So
that the budget could come to implementation from mid-July," he said,
adding that the state of capital expenditure would not improve in the current calendar
of budgeting. "The line ministries have to take responsibility for the
development works."
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