The Hon’ble Kinga Penjor, Chairperson of the Economic and Finance Committee (EFC), presented the Committee’s Review Report on the National Budget for Financial Year 2023-2024 to the House today. The National Budget was referred to the Committee on 9th June 2023 for review.

The Chairperson submitted that the Committee focused more on macro and micro financial aspects of the post COVID economy and that the Committee reviewed the Budget Reports in keeping with the Constitution of the Kingdom of Bhutan, Public Finance Act, National Assembly Act (Amendment) 2014 and the Terms of Reference of the Committee 2018.

The Chairperson presented three observations and recommendations to the House. The observations and recommendations were on State Owned Enterprise (SOE) under the Ministry of Finance, development of the tourism industry and easy access to credit (loan). The Committee recommended that the:

1. Government to seriously review the non-performing State Owned Enterprises considering exorbitant financial deficits and come up with measures through the retrenchment of supplementary budget for SOEs by the government;

1. Government to continue improving the incentive packages and other viable strategies to attract more tourists considering the tourism industry’s ability to contribute substantially to the national exchequer; and

1. Government to reinstate the credit access for those economic activities that do not generate adverse implication on the reserve, as the NPL was mainly due to force majeure event.

The Chairperson also submitted that the Committee acknowledges that the Budget for the Financial Year 2023-24 as proposed by the Government is well justified as it would ensure macro-economic stability, smooth transition and revival of economic growth.

After the presentation, the following bills were submitted for endorsement by the House:

1. Budget Appropriation Bill for the Financial Year 2023-2024 amounting to Nu.85,522.536 million which comprises of current expenditure Nu.45,545.947 million, capital expenditure Nu.29,315.668 million, repayment Nu.9152.111 including the external and internal and on-lending Nu.1,508.810

1. The Supplementary Budget Appropriation Bill 2022-2023 amounting to the Supplementary appropriation of Nu.2,317.377 million and the revised budget after supplementary appropriation amounting to Nu.84,144.688 million

During the course of deliberation, issues on inflation and unemployment, private sector development and review of SOE efficiency, trade imbalance and deficit financing, decline in agricultural production and host of other issues were deliberated. The concerned Ministers submitted the stand of the Government on each of the issues.

The House also expressed the need for oversight on the implementation of the barbed fencing wire and the various phases of granular sub base (GSB), budget allocated to the tourism sector, facilities allocation to dzongkhags, the need for an comprehensive study of house rent and inflation, new idea to address the harms caused by Elephant, mismatch between the budget allocation with students of Arts & Humanity stream wishing to continue studies and host of other issues.

The deliberation on the Committee’s recommendation will be taken up tomorrow.

The Hon’ble Kinga Penjor, Chairperson of the Economic and Finance Committee (EFC), presented the Committee’s Review Report on the National Budget for Financial Year 2023-2024.

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