Prasad: There will be no mini-budget
4 February, 2023, 2:15 pm
“We’re not about that kind of inconsistency and haphazard policy making.”
This was the statement made by Minister of Finance Professor Biman Prasad when responding to queries on why there wouldn’t be a mini-budget.
He said different people would have a different take on the subject.
“The people have to understand that we’ve just come out of an election in December, almost January, we have the new Government’s priority is being firmly put in place,” Prof Prasad said.
“We have put in a process of a fiscal review committee. We are going to have an economic summit in April and in July, there’ll be a budget. So this is a new government. We’re looking at new priorities.
“And of course, you know, we are dealing with the mess as well. So that’s the way that the people’s Coalition government has decided to go ahead.”
He said the idea was to look at the best way to reprioritise and relook at various policies.
“This window provides a good opportunity for us to have a very thoughtful, very clear budget. We’ve had supplementary budgets, mini budgets, you have changes in policy one day, reinstatement of the policy the next day.
“We’re not about that kind of inconsistency and haphazard policy making.
“This is a government which is focused on providing a very, very clear approach.
“That approach is setting up institutions like fiscal review committee, which is very important to look at expenditure policies, revenue policies, tax policies. Then we will have an economic summit where that report and the consultation with different stakeholders will take place.
“That will itself feed into the budget so it is going to be a very thoughtful, well planned, well discussed, well consulted budget.”
Prof Prasad also said all ministries were functioning very well and everyone was out and about carrying out their own work.