The government is taking steps to enhance the efficiency of financial management across various ministries, particularly following the revelation of $246 million from last year’s budget that remained unspent. Acting Prime Minister and Finance Minister Biman Prasad has expressed a commitment to better manage government funds with increased transparency.
Prasad noted that the National Planning Office, in partnership with the Monitoring and Evaluation Unit, is actively collaborating with ministries to develop a comprehensive and user-friendly plan. He emphasized the necessity of closely monitoring expenditures to ensure the proper utilization of funds, particularly in infrastructure projects, which had previously shown a significant lack of efficiency over the past decade.
Recognizing the need for improvement, Prasad stated that while there are challenges rooted in the legacies of past administrations, there is now a determined effort to ensure that all allocated funds are utilized effectively. The Finance Ministry is committed to ensuring every dollar is spent wisely to support sustainable development initiatives.
This initiative aligns with previous efforts by the Ministry of Finance to address budget utilization issues. For instance, a monitoring and evaluation unit has been established specifically to oversee how budget allocations are used and to ensure timely execution of projects, which has been a concern highlighted by independent MPs regarding the slow pace of project implementations.
The Finance Minister’s efforts reflect a positive direction for the government, as there is a clear commitment to enhancing public trust through more responsible financial management and accountability. As the government focuses on effective expenditure, there is hope that better resource allocation can lead to improvements in essential services and infrastructure, ultimately benefiting citizens and restoring confidence in public institutions.
In summary, the government’s approach to improving budget management and ensuring that every dollar counts is a hopeful step towards developing a stronger and more accountable financial framework that prioritizes the needs and welfare of its citizens.
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