Budget preparation for next fiscal year begins

January 17, Kathmandu: Preparations for the national budget for the upcoming fiscal year 2083/84 have formally begun, with the government initiating the process of estimating available resources and setting expenditure limits.

According to the National Planning Commission (NPC), the National Resource Estimation Committee has started its work to assess possible sources of revenue and determine the spending ceiling for the next fiscal year.

The Financial Procedure and Fiscal Responsibility Act, 2020 requires the government to estimate revenue sources and expenditure limits while preparing the annual budget. In line with this provision, the NPC, in coordination with the Ministry of Finance, is tasked with making a preliminary assessment of resources and expenditures for the next three years as part of the medium-term expenditure framework.

Officials said the estimation process must be completed by mid-February of the current fiscal year.

The Resource Estimation Committee is coordinated by the NPC Vice-Chairperson, with support from a technical committee formed to carry out detailed analysis. NPC Secretary Rabi Lal Panth said the technical committee has already begun its work.