Presentation on the National Budget for the Financial Year (FY) 2021-2022 by Ministry of Finance (MoF) to the Economic Affairs Committee (EAC) and the Good Governance Committee (GGC) of the National Council (NC)

The impact of the COVID 19 pandemic continues globally with far reaching consequences on lives and economy. Due to His Majesty The King's compassionate and extraordinary leadership as well as tireless efforts to safeguard His people from the devastating impact of pandemic, His Majesty risked grave personal danger travelling frequently across the country, particularly to high-risked zones.

In order to respond to the challenges imposed by the pandemic, the budget for the FY 2021-2022 has been formulated with the goal to ensure “Sustained Economic Stability for a Resilient Recovery” underpinned by five broad objectives of:

1. i. Maintaining Public Confidence
2. ii. Sustaining Economic Activities
3. iii. Transforming Health and Education System
4. iv. Leveraging ICT and innovation, and
5. v. Enabling Reform Initiatives

The key highlights of the FY 2021-2022 budget allocations are for COVID 19 Responses, Flagship Program, Road Connectivity, Promoting Foreign Relations, RNR, Supply Chain Management, Trade Facilitation, Employment Creation, Promoting Green and Sustainable Transport, Education and Civil Service Reform.

Following the presentations on the Customs and GST Bills, extensive discussions ensued to further ensure the clarity of the Bills. Fifteen officials led by the Hon. Secretary, MoF attended the consultation meeting.

The EAC of the NC has been tasked to review the Customs and Budget Bills for the FY 2021-2022 and GGC to review GST (Amendment) Bill to be deliberated and endorsed in the ongoing session.

In order to respond to the challenges imposed by the pandemic, the budget for the FY 2021-2022 has been formulated with the goal to ensure “Sustained Economic Stability for a Resilient Recovery”

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