Finance Ministry forms a taskforce for framing law on budget discipline

Kathmandu: The Ministry of Finance has formed a taskforce for the formulation of a law to help improve budget discipline in the country.

Chief of Fiscal Federalism Coordination Division under Ministry of Finance, Mahesh Baral has been assigned the coordinator of the taskforce, informed the Secretariat of the Minister of Finance.

Other members in the taskforce include Under Secretary in the MoF Budget Formulation Division, Under Secretary in the Legal and Judgement Execution Division and former Joint Secretary Nirmal Hari Adhiakri as a theme expert while Under Secretary of the Fiscal Federalism Division has been entrusted as member-secretary of the taskforce.

It may be noted that point number 359 of the budget speech of the current fiscal year has stated to maintain allocation efficiency and increase efficiency of public financial management, enhance the outcomes of public spending through budget discipline and consolidate cash flow management for maintaining balance in the Federal Reserve Fund.

Likewise, it has also specified provisions to utilize the public borrowing in productive sector in a sustainable manner, and execute the public financial management strategy.

The point number 371 of the budget speech has mentioned about the formulation of a law to consolidate budget discipline at federal, provincial and local levels as per the constitution. The Finance Ministry has formed the taskforce to implement the arrangements specified in the budget speech.

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