Nepal President calls budget session of parliament from next week

Kathmandu [Nepal], May 3 : Nepali President Ram Chandra Paudel has called the budget session of the Federal Parliament starting next week on the recommendation of the government.

The Cabinet meeting held on Wednesday decided to recommend to the President to convene the Parliament session.

"The meeting of the House of Representatives and the National Assembly has been called to be held at 4 pm on May 7, 2023," a release from the Office of the President states. Earlier, the Parliament session ended on April 28.

As per the Constitution of Nepal 2072, the budget of the Himalayan Nation must be presented on mid of Jestha (The second month as per the Lunar Calendar). A House session is called in for pre-budget discussions which are held for about a fortnight.

This year's budget comes at the helm of a looming recession which has hit Nepal forcing the authorities to downgrade the growth projection. The lack of sound policy and prolonged instability has taken a toll on the economy.

The Government of Nepal at the start of the current fiscal year 2079/2080 (2022/23) declared the economic growth would meet 8 per cent.

It was slashed to half to 4 per cent during the mid-term review which further has shrunken to 1.86 per cent as per the latest projection of the National Statistics Office.

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