[ad_1]
The National Assembly yesterday approved the state budget for fiscal year 2024-2
Rinchen Wangdue, chair of the Economic and Fiscal Committee and MP for Bartsham-Gshongphug, presented the review of the 2024-25 fiscal monitoring report and the 2023-24 fiscal supplementary budget.
The committee recommended a budget of Rs 3.2 trillion for 2023-24 and the merger was approved.
Sorry, additional Rs.140 million was approved for Bhutan Food and Drug Administration and updated budget.
The budget of Bhutan Food Corporation (BFC) for the fiscal year 2024-2 is Rs. 73.861 Y. However, an additional budget is required specifically for this purpose.
The additional funding will be used to increase the capacity of the national nutrition laboratory and improve the quality of nutrition and food to promote the import and export of beverages.
In the fiscal year 2024-25, the authorities have allocated a transformation budget of Rs 7,386 crore, targeting a contribution of Rs 5,000 crore from agriculture and animal husbandry to the GDP.
Finance Minister Leski Rinpoche said that in the 13th plan, Rs 64.57 crore has been allocated to the Authority, of which 12% has been disbursed. Yes.
The MPs also visited the Department of Agriculture and Livestock, Community Trade and Urban Environment and based on the committee’s recommendations, a significant amount of money is invested in agriculture through trade, which is a major area of concern for farmers engaged in agricultural practices and needs further study.
In addition, commercially produced varieties have specialized effects and commerciality, “which needs to be evaluated on a case-by-case basis,” he said.
The committee said a construction, materials and marketing plan must be prepared, if appropriate, outlining the roles and responsibilities of the victim.
The Ministry of Agriculture will not provide budget support for the farms, but will directly transfer funds to the companies and grant ownership of the joint venture projects.
$324 million has been allocated for the 2024-25 fiscal year, of which $15.5 million is for commercial cultivation of mangoes and tomatoes, and $1 million for agricultural activities around towns.
The plan is to set up farms in Gantaka and Sandrujonka in Dharka. The project will be implemented in collaboration with agricultural machinery and defense forces to protect commercial seeds that farmers plant in their gardens.
Councillors expressed concern about having nowhere to sell produce.
Agriculture Minister Yontan Phuntshog said one of the reasons farmers have no land to sell their produce is that the products will be sold at the Gelegphu Memorial Market and the National Defense Center.
According to the committee’s observation, the project of the Ministry of Agriculture and Livestock has been implemented in five Dzongkhags and funds have been allocated for the construction of barbed wire fences in the country.
The National Assembly has passed the right to install and maintain solar heating in schools, and they agreed to give excuses.
According to the budget report, billions of rupees will be allocated for installing megawatt power in 20 schools, of which Rs 19.88 billion has been allocated.
The Ministry of Agriculture and Livestock provided Rs 77.05 million through Karlab, which will be deducted from the state budget and debt liabilities.
The highway will provide economic development and livelihood security for the people of the country and follows the principle of highway network development. It is recommended to give priority to allocating resources to Zongkags and other areas with inconvenient transportation. Standard roads and their surrounding infrastructure are.
Similarly, Rs 867 million has been allocated for development and maintenance of Dzongkhag road.
Section 5 of the Public Procurement Act, 2007; Rs. 100,000 has been allocated from the State Budget to support the withdrawal of grants as per the requirement of the State Business Development.
The National Assembly also supported the development of grant guidelines related to the project. The guidelines meet the requirements and review.
As per the grant items, the grant for the third plan in FY2024-25 will get Rs 148.54 crore out of Rs 8000 crore in FY13, which is 18.6% of the total population.
The committee chairman said the government will implement projects and programmes based on the development needs of the region and there is a need to formulate guidelines for the disbursement of relevant grants.
The committee recommended that the government keep the annual accounts deficit at a low level (3% of GDP) and recommended reducing the preparation of incomplete annual accounts.
Recommendations for measures to address mismanagement or reduction in government budget allocations were also approved.
The committee found that 20% of revenue was underutilized each year, and the National Audit Office (NAA) also issued a statement in its annual audit report that there were specific issues related to trust and suitability.
A balanced budget has been allocated for Human Resource Development, Research and Development and Resource Allocation for the fiscal year 2024-25 and it has been agreed that it will be implemented by the concerned agencies.
The committee urged the government to take measures to reduce the risk of inflation in the country, as experts said the implementation of the 13th Five-Year Plan would lead to an expected increase in rice prices in the country by 4 to 5 percent.
The government is working closely with the Treasury to ensure the economy is not affected. It has also approved a proposal to explore new ways to manage the surplus.
The committee’s chairman Rinchen Wangdue said the budget for 2024-25 will be increased by Rs 1.35 trillion.
The finance minister said that the balance of funds during the pandemic was Rs 5.6 trillion.
Starting from July 1, repayments of suspended housing and construction loans will be suspended, and import of vehicles will be allowed from July 1 to manage the remaining funds.
Bhutan cannot manufacture and 80% of its goods must be imported. The committee recommended that the government should focus on promoting exports and import substitution. The country has a population of 100,000.
The Treasury Secretary said that as of June 20 this year, the US foreign exchange reserves will increase by $608 million, enough to import necessities for 15.7 months.
He said the Punaksanchu hydroelectric project will start generating electricity in August and the government will provide Rs 85 billion in economic support funds under the 13th Plan and Rs 40 billion from bilateral cooperation and development banks. He said the project will make a significant contribution to the foreign exchange reserve fund.
The National Assembly had said inflation would reduce the purchasing power of the rupee, which fell by 4.8% in the fourth quarter, while also approving a proposal to increase the amount of regular budget funds in the budget.
A total of 46 allowances were approved in the House of Representatives in the 2024-25 state budget.
The supplementary budget for the 2023-24 fiscal year has been approved by 45 members.
Ugyen Dorje
[ad_2]
Source link
