Financial Procedures Ordinance approved

The meeting today of the House of Representatives has passed the Financial Procedures and Financial Liability (First Amendment) Ordinance, 2080 by a majority.

The Ordinance was tabled by Finance Minister Dr Prakash Sharan Mahat .

Earlier, the meeting rejected the proposal put forward by MP Prem Suwal to reject the Ordinance. The proposal of MP Suwal was rejected by a majority of the lower house.

It may be noted that on the recommendation of the government, President Ramchandra Paudel had promulgated the Financial Procedures and Financial Liability (First Amendment) Ordinance, 2080 on January 18. The Ordinance opened the door for the government to submit the principles and priorities of the budget before the parliament within the last week of February. The previous deadline for setting the budget ceiling was also amended through the ordinance.

The approval of the Ordinance also allows the government to present the principles and priorities of the government’s budget three months prior to submission of the Appropriation Bill. Earlier, the time was at least 15 days prior to submission of the Bill. There is a legal provision that the federal government should table the appropriation bill before the parliament on Jestha 15 in the Lunar Calendar.

Likewise, the MPs will now have thirty days to give their comments and feedback on the principles and priorities of the government’s budget and programs. Previously, the parliamentarians were required to do so within seven days after its submission to the parliament.
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