Only 25% of the plans and programs related to the private sector, outlined in last fiscal year's budget statement, have been fully executed, according to a report released by the Confederation of Nepalese Industries (CNI) and the Society of Economic Journalists of Nepal (SEJON) on Wednesday.

The 'Budget Watch' report, prepared by CNI and SEJON, highlighted that the implementation of the 73 points concerning the private sector and economy in the budget of fiscal year 2023/24 was largely unsatisfactory. The report revealed that while 18 points were fully implemented, 51 points were only partially enforced, and four points were not implemented at all.

During the report's launch, Chief Secretary Leela Devi Gadtaula emphasized that thematic and subordinate ministries must take responsibility for the effective implementation of the government's annual budget. She mentioned that the incumbent government is preparing a list of new initiatives and programmes to ensure the budget's implementation.

"The government is currently formulating action plans to be executed within 100 days. It is crucial to set priorities and accelerate their implementation," Gadtaula stated.

She added that achieving the desired results depends on whether the concerned ministries and agencies work responsibly and remain accountable for implementing the budgetary provisions.

CNI President Rajesh Kumar Agrawal explained that the 'Budget Watch' initiative was launched to monitor the government's progress in fulfilling its budgetary commitments. He expressed hope that the report's conclusions and findings would benefit policymakers and the government.

According to Agrawal, although there was some improvement in budget implementation last fiscal year compared to the previous year, the overall status remained bleak.

The report noted that most of the points in last fiscal year’s budget focused on policy and law formulation. However, due to the absence of necessary acts, regulations, and procedural guidelines, many programmes and plans failed to advance. -- RSS