Budget by June end: Finance Minister Mahat
Finance Minister Dr Ram Sharan Mahat informed the Finance Committee under legislature-parliament that the government is preparing to present the budget for the next fiscal year 2014-15 within June.
Responding to the committee members today on the budget formulation process, he also said that the government will send budget document to the parliament for approval by the last week of May.
Committee members – on the occasion – also questioned Mahat on slow implementation of development projects.
Mahat said budget implementation has delayed due to delay in approval of the budget by the parliament and approval of the programmes by the National Planning Commission (NPC).
However, he also informed the committee that the government has sufficient funds for development projects. "The main problem lies in budget execution," he added.
Development projects have been suffering due to Public Procurement Act that requires government agencies and developments projects to take the service of low bidders, he clarified adding that low bidders always work with the motive of cost escalation and keep the project pending. "It is one of the reasons why we are failing to get development results in time.”
Saying that the government should invest in productive sector for capital formation, the finance minister also informed the committee members that he is facing pressure from civil servants for salary hike.