KATHMANDU: The budget formulation process for the upcoming fiscal year 2083/84 has taken stride.

According to the National Planning Commission (NPC), the National Resource Estimation Committee has initiated its works in a way to explore possible resources and set the spending limit for the upcoming fiscal year budget.

Section 7 of the Financial Procedure and Fiscal Responsibility Act, 2020 stipulates that the source estimation and expenditure limits must be determined while preparing the annual budget.

NPC in coordination with the Ministry of Finance is required to make a preliminary estimation of the sources available and the possible expenditure for the next three years for the purpose of formulating the medium-term expenditure framework and the budget and programmes for the upcoming fiscal year.

The commission and ministry are obliged to complete the task by February 15 (the end of Magh) of the current fiscal year.

For this purpose, there is a National Resource Estimation Committee under the coordination of the NPC Vice-Chairperson.

To assist this committee, another technical committee has been formed and initial work has already begun, informed NPC secretary Rabi Lal Panth. “

The technical committee has held meetings and started its works. As the estimation of sources requires analysis of macroeconomic indicators, data and details have been requested from the Nepal Rastra Bank, the National Statistics Office, the Ministry of Finance, and other relevant ministries,” he said.

“The technical committee is preparing for the meeting of the Resource Estimation Committee.