Budget Session of Parliament to begin on May 7

The budget session of the federal parliament has been called starting May 7.

President Ram Chandra Paudel has called the budget session of the federal parliament on Sunday on recommendation of the government.

“The meeting of the House of Representatives and the National Assembly has been called to be held at 4 pm on May 7, 2023,” a release from the Office of the President states. Earlier, the Parliament session ended on April 28.

The Cabinet meeting on Tuesday decided to recommend to the president to call the next session of the parliament.

The last session of the federal parliament had ended on Friday.

According to the Constitution of Nepal 2072, the annual budget must be presented by the mid-point of Jestha. Prior to the budget presentation, a house session is typically convened to facilitate pre-budget discussions, which typically span a period of approximately two weeks. The session will be focused on budget planning and the government’s annual policy and programme for the next fiscal year.

The Government of Nepal at the start of the current fiscal year 2079/2080 (2022/23) declared the economic growth would meet 8 per cent.

It was slashed to half to 4 per cent during the mid-term review which further has shrunken to 1.86 per cent as per the latest projection of the National Statistics Office.

Following the completion of pre-budget discussions, President Paudel is scheduled to present the government’s policies and programs to the joint session of Parliament. Once this presentation has been made, the government will then present the national budget for the upcoming fiscal year to the House.