Nu 60.77 bn for fis­cal 2017-18

Business Bhutan - - Front Page - Dechen Dolkar from Thim­phu

The gov­ern­ment has pro­posed a bud­get of Nu 60.77bn for the fis­cal year (FY) 2017-18, the high­est bud­get al­lo­ca­tion in the last four years.

The bud­get for the year is Nu 6.39bn more than last year’s re­vised bud­get.

Of the to­tal bud­get, Nu 57.9bn is for ex­pen­di­ture, Nu 41.84mn for lend­ing and Nu 2.82bn for re­pay­ment.

The fo­cus of FY 2017-18, the fi­nal year of the 11th Five Year Plan is to com­plete pri­or­ity pro­grams and ac­tiv­i­ties of the plan.

Fi­nance Min­is­ter Nam­gay Dorji pre­sent­ing the bud­get at the Na­tional

As­sem­bly (NA) on Mon­day, said that the bud­get for the FY has been con­sid­ered with broad prin­ci­ples to main­tain fis­cal deficit at sus­tain­able level in line with the tar­get of 3% growth of gross do­mes­tic prod­uct (GDP). It would also en­sure there are no bor­row­ings for re­cur­rent ex­pen­di­ture while non-hy­dro debt would be main­tained at 35% of GDP.

The to­tal re­sources es­ti­mated for the FY is Nu 51.4bn of which Nu 34.7bn is do­mes­tic rev­enue and Nu 16.7bn con­sti­tutes ex­ter­nal grants.

Dur­ing the FY, Nu 2,655.9mn is es­ti­mated on ac­count of roy­alty en­ergy from var­i­ous hy­dropower plants and Nu 284.5mn is an­tic­i­pated from power tar­iff re­vi­sion. Ad­di­tional rev­enue of Nu 15.84mn is also pro­jected from tourism with the im­ple­men­ta­tion of the Bhutan-Korea friend­ship of­fer sched­uled to be launched in Ju­lyAu­gust this year.

The gov­ern­ment has al­lo­cated high­est bud­get to the eco­nomic and pub­lic ser­vices which con­sists of Nu 20.73bn fol­lowed by so­cial ser­vices with Nu 15.93bn and gen­eral pub­lic ser­vices with Nu 14.19bn.

Dur­ing the FY, Nu 5,439.82mn has been al­lo­cated to agri­cul­ture sec­tor to achieve self­suf­fi­ciency, en­hanc­ing nu­tri­tion se­cu­rity and im­prov­ing agri­cul­ture in­fra­struc­ture.

Ma­jor ac­tiv­i­ties for the year in­clude devel­op­ment and im­prove­ment of ir­ri­ga­tion chan­nels which con­sists of Nu 342.44mn and con­struc­tion and re­ha­bil­i­ta­tion of farm roads con­sist­ing of Nu 814.84mn.

For the min­ing and man­u­fac­tur­ing in­dus­tries, the gov­ern­ment has al­lo­cated Nu 1,576.9mn in­clud­ing devel­op­ment of in­dus­trial es­tates in Bondeyma in Mon­gar, Dham­dum in Samtse, Jig­mel­ing in Sarpang and Motanga at Sam­drup Jongkhar.

For the road sec­tor, Nu 7,576.29mn has been al­lo­cated with ma­jor ac­tiv­i­ties in­clud­ing com­ple­tion of on­go­ing works to dou­ble-lane North­ern East-West high­way worth Nu 2,725.02mn and Nu 1,115.16mn for on­go­ing con­struc­tion of Dal­bar­iDa­gapela, Haa-Samtse, Samtse-Phuentshol­ing, Refe-Khos­ala, Pasakha ac­cess roads and north­ern by­pass road at Phuentshol­ing.

Fur­ther, Nu 1,188.4mn is al­lo­cated for black­top­ping of gewog con­nec­tiv­ity roads.

Sim­i­larly, Nu 4,083.9mn has been al­lo­cated for ur­ban devel­op­ment, hous­ing and pub­lic ameni­ties sec­tors and Nu 1,599.45mn for com­mu­ni­ca­tion sec­tors.

For preser­va­tion and pro­mo­tion of re­li­gion and cul­ture ser­vices Nu 2,296.8mn is al­lo­cated. This in­cludes con­struc­tion of Pema­gat­shel Dzong for Nu 150.32mn, Sarpang Dzong for Nu 101.41mn and Wang­duepho­drang Dzong Nu 150.56mn.

Dur­ing the FY, Nu 15,757.796mn ac­count­ing for about 27% of the to­tal ex­pen­di­ture is al­lo­cated to Lo­cal Gov­ern­ment. Of the to­tal al­lo­ca­tion Nu 13,651.8mn is for dzongkhags and gewogs, and Nu 2,105.9mn for thromdes.

The an­nual bud­get re­port has been re­ferred to the fi­nance com­mit­tee of the NA for re­view.

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