Finance minister urges ministries to accelerate capital expenditure

Kathmandu, January 11

Finance Minister Janardan Sharma has requested all ministers to spend capital expenditure in the remaining six months of the current fiscal year.

Sharma, on Tuesday, held a review meeting at the ministry, where he told secretaries of all ministries to ensure that they spend the money set aside for development.

This, experts believe, will help banks deal with the liquidity crunch they are currently facing. As of January 11, only 29.11 per cent of the total budget has been spent over the course of the past six months.

He asked concerned ministries to coordinate with locals from the area to ensure that major projects were completed on time. He also suggested that maybe it was time that government bodies changed their existing system to ensure that things got done faster.

“Maybe we need to start doing things digitally because it feels we’re wasting a lot of time going from one ministry to another with for formal paper works. Time has evolved and we need to as well,” he said.

Only 9 per cent of the capital expenditure had been spent as of January 10.

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