July 20, 2017
Following the Appropriation Act’s recommendation to expedite the budget expenditure, the Ministry of Finance (MoF) has issued a time-bound action plan to all the ministries regarding capital expenditure in 2017-18 fiscal.
“MoF has sent budget implementation guidelines based on provisions of the Appropriation Act for this fiscal for all the concerned projects included in the fiscal budget,” said Finance Minister Gyanendra Bahadur Karki.
Under the action plan, the implementation units should spend 29 percent of their allotted budget in the first quarter, 67 percent by the end of the second quarter, and total budget by the end of the current fiscal year.
All the ministries were urged to disclose their project implementation action plans on their respective websites by August-end.
The ministries were directed to expedite their project implementation in the light of the government’s plans to conduct general and local body elections in the current fiscal year.
“As the elections can affect implementation of development activities, we have to accelerate the work from the very beginning,” said Shanta Raj Subedi, Finance Secretary.
The planned projects are required to undergo environmental impact assessment and initial environmental examination within the timeframes set by the laws to avoid further delays in implementation, noted the Ministry.
All the ministries are required to submit the financial and physical progress of their projects in the first week of every month, which will be followed by a progress review by a Finance Minister-led committee and National Planning Commission.