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The Text of the Budget Speech Delivered by the Honourable

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The Text of the Budget Speech Delivered by the Honourable The Text of The Budget Speech Delivered By The Honourable Finance Minister Bharat Mohan Adhikari To The Cabinet on December 26 '1994 Rt. Honourable Speaker, 1. Honourable Members of the House are all aware that the Estimates of Revenue and Expenditure for each Fiscal Year (FY) are presented to Parliament in its Joint Session by order of His Majesty under Article 77, Section (I) of the constitution of the Kingdom of Nepal, 1990. 2. Such estimates could not be presented to the joint session because the House of Representatives was dissolved on July 11, 1994 and the Session of the Upper House also was called off the following day. 3. Under these circumstances, His Majesty as per Article 72, Section (1) of the Constitution of the Kingdom of Nepal, 1990 had decreed four separate Ordinances Appropriations, Finance, Raising National Debt and Credit and Guarantee. 4. Following these momentous events and the mid-term election, the present Eighth Session of the House is underway. As per Section 108 of the Rules of the House of Representatives, 1991, it has become mandatory to present the Bills to replace the Appropriation Ordinance, 1994 and the Finance Ordinance, 1994 with amendments and two other Ordinances .as they were. 5. Under the provision of Sub-Rule (2) of Rule 148 of the House of Representative, 1991, the Finance Minister is required to present the Appropriation Bill following discussions on annual estimates while Rule 155 requires that the Bill is presented to the House meeting immediately after the Annual Estimates had been submitted. 6. Accordingly, Rt. Honourable Speaker, before submitting the above mentioned Bills, please allow me now to present the total Estimates of Revenues and Expenditures for FY 1994/95. Rt. Honourable Speaker, 7. It is a matter of pride for me to have the opportunity to present the Budget for FY 1994/95 to this august and sovereign House on behalf of the Communist Party of Nepal (United Marxist-Leninist) [CPN- (UML)] as a political party, which stands for fundamental change for the first time in the history of the Kingdom of Nepal. At this historic occasion, I find it very befitting first of all to pay very cordial tributes to all those martyrs who sacrificed their lives in the previous movements for the cause of national integrity, securing democracy, and freedom from social bondage, and also to those known and unknown ones who lost their lives to uphold Nepal's prestige and to free the people. I would also wish to recall at this moment tile great sacrifices of those who withstood years of harshness in prisons for the noble cause of the exploited and downtrodden people. Rt. Honourable Speaker, 8. It is known to all that no political power which stood for the total cause of the weaker and deprived classes of people had the chance to be seated in administration prior to this in Nepal. Consequently, as there were no works undertaken favouring these classes of people in the past, their problems of livelihood became deplorable. A great majority of the people were deprived of the development results, which were achieved with extravagant use of meagre internal resources as well as of foreign aid worth billions of rupees. Poverty and unemployment increased rampantly; the standard of living worsened; and people endured pains. In the industrial and business fronts, dependency was on the rise because meaningful steps towards making the economy self-sustainable were lacking. Administrative organs were less transparent and lacking in their orientation towards people. Above all, democratic reforms and values were tripled and serving self-interest overruled national interest. As a result, great challenges of national integrity emerged. It was indeed high time that the people stood against these tendencies and rightly vote for the CPN (UML), which has never deviated from its continuous fight for national integrity and well being of the people. From the rostrum of this august House, Rt. Honourable Speaker, I want to assure all Nepalese that we will honour the promises we made in the Election Manifesto in accordance with democratic norms and values. Furthermore, we will focus all our efforts to put end to feudal exploitations and oppression and to build a very stable economy for the well being of the people. 9. Therefore, the development efforts of the CPN (UML) will be focused towards all round upliftment of resource less poor people put aside by the state. The large part of this group consists of rural and urban landless' and marginal small farmers, agricultural labourers, very small cottage industries entrepreneurs and Kamaiyas. Lower level public servants and teachers, native tribes, and the helpless, old and disabled are also in this group. Nevertheless, we have a responsibility towards the justice loving patriot and true democrats who underwent unlawful suppression and [2], whose voices were suppressed for decades. Rt. Honourable Speaker, 10. While expressing aforementioned views, I have also in mind the important role that can be played by entrepreneurs, traders and businessmen in the upliftment of the country. This Government is confident that national entrepreneurs, traders and businessmen can contribute significantly towards the industrialization of the nation, to increase productivity, to improve: supply, and to create job opportunities. As such, this Government is equally committed to the development and protection of this group by creating a conducive environment. Rt. Honourable Speaker, 11. There are countless challenges before us in giving anew direction to the economy that is in the national interest. On the one hand because we have come at the middle of the fiscal year and have to prepare a budget that incorporates our values, ideas, and commitments, there are many obstacles before us in preparing a budget that benefits a large group of people. On the other hand, I would also like to mention to this august House the fact that the CPN (UML) has also to concentrate towards reforming the economy passing through a crisis. Therefore, this budget could not be drawn as desired to fulfil the wants and aspirations of the people. I am confident that Honourable Members and respected people will bear with me in my compulsion. I am also confident that different political parties will assume their responsibilities and duties and support His Majesty's Government in facing the challenges of all round development and building of the nation to raise the declining living standards of the people. 12. I would now like to take permission to present to this august House a brief description of the economic situation when we assumed office. Honourable Members are aware of the fact that since the last three and half years, the nation was passing through a phase of slow economic growth, increasing unemployment, high price rise, increasing trade deficit, greater foreign debt burden and expanding poverty, This is also evident while studying the available data. In the last three years, real GDP could not increase satisfactorily. Only a marginal increase in per capita income was achieved amidst increasing income inequality. Meanwhile, the Consumer Price Index rose by about 40 percent. Unemployment and poverty expanded further due to the slow growth rate of the economy and the problem of inflation. The problem of livelihood of the people became more acute. Imports increased tremendously. Consequently, international trade deficit reached 16.8 percent of the GDP in FY.1993/94 as compared to 13.6 percent in FY 1990/91. In the import front, the rate of growth of consumable goods was higher than the capital goods. And, export increases of a few commodities were temporary and could not be sustained. 13. Even though the revenue increased slightly, development expenditure was very low and was not appropriately utilized. On aggregate, the rate of increase in regular expenditure was almost double that of development expenditure. This phenomenon seems to have adversely impacted the long-term development possibilities of the country. The share of industry and mining in the total development budget remained negligible. This led to adverse conditions in industry and mining sectors. Factories that were fully based on local raw material and labour and established with the support of foreign assistance were privatised, contrary to the national interest. Meanwhile, foreign debt reached Rs.102 billion on July 15, 1994 from Rs.60 billion in July 15, 1991. Rt. Honourable Speaker, 14. Now, I would like to present a brief description of the economic situation of the first four months of the current fiscal year. 15. As per the Government's financial transaction based on the cash flow of the first four months of the current fiscal year, total expenditure increased by 13.8 percent to Rs.7,740.6 million and total revenue increased by 35.3 percent to Rs.7,307.3 million as compared to the same period of the last fiscal year. In the first four months of the previous year, regular expenditure increased by 9.2 percent while in the same period of the current year it increased tremendously to 63.7 percent and reached at Rs.5,295.1 million. I would like to inform Honourable members that though Rs.320 million was allocated for the recently concluded mid- term election, it has come to our notice that, the total expenditure stood at Rs.630 million. Hence, the mid- term election has proved to be an expensive exercise for a poor country 1ike Nepal. 16. Development expenditure meant for increasing long run productivity, declined by 36.7 percent in the first four months of FY 1994/95 whereas it had increased by 6.1 percent during the same period in the previous FY. This sharp fall in the development expenditure is partly the reason for the limited budget deficit of Rs.433.3 million during this period.
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