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'Budget holiday' likely in Nepal as Parliament miss deadline to pass Appropriation Bill

Kathmandu (Nepal), Sep 15 (ANI): Budget holiday or inability of the Government of Nepal to spend from the state treasury is likely as the parliament fails to pass the Appropriation Bill related to budget within the scheduled date. Finance Minister Janardan Sharma confirmed to reporters that the government would not be able to expend for a few days in the lack of appropriation bill tabled in the parliament couldn't be passed on time. The erstwhile government led by CPN (UML) on May 29 had brought ordinance budget for the current fiscal year and it was presented in the federal parliament on July 19. As per the provision, an ordinance has to be passed within 60 days. On the same basis, the Appropriation Bill should have been passed by Wednesday. The endorsement of the Bill has been uncertain as the UML which takes the charge of main opposition at present continues to obstruct the House since its commencement on September 8. This is probably the first time in Nepal that government expenditures are likely to be suspended. In the economic term, the condition is described as the 'budget holiday'. The session of the House of Representatives could pass the proposal tabled by the Finance Minister seeking consideration over the Bill. Informing about the possibility of a 'budget holiday', the Finance Minister said the budget would be passed through due parliamentary procedures.

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