March 16: The Ministry of Finance has started its homework to prepare the budget for the upcoming fiscal year (FY 2079/80). The ministry has initiated the homework by forming a core team in order to bring the budget on May 29, 2022, as per the constitutional provision.

According to the finance minister’s secretariat, a meeting chaired by Finance Minister Janardan Sharma has formed a five-member budget drafting committee. Chief of Revenue Management Division Bhupal Baral is the coordinator of the committee.

Members of the committee include Chakra Bahadur Budha, chief of Budget and Program Division of the ministry; Ishwori Aryal, chief of International Financial Aid Coordination Division; Mahesh Acharya, chief of Economic Policy and Analysis Division; and Baburam Subedi, chief of Financial Federalism Coordination Division.

The committee has been mandated to draft the principles and priorities of the Appropriation Bill to be presented in Parliament and to submit a draft of the budget for the fiscal year 2079/80.

The core team has been instructed to move ahead with the budget drafting work in coordination with Finance Minister Janardan Sharma, Finance Secretary Madhu Kumar Marasini, Revenue Secretary Krishna Hari Pushkar, and Senior Economic Advisor Dr Surendra Kumar Upreti.

Minister Sharma has been holding discussions with various ministries and concerned authorities regarding the upcoming budget.