Federal fund is in deficit by more than 2.16 billion: Finance Minister
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Kathmandu. Finance Minister Barshaman Pun has said that the Federal Reserve Fund is in a deficit of 2 trillion and 16 billion rupees. Replying to the questions raised on the budget in the meeting of the National Assembly on Thursday, Finance Minister Pun informed that the Federal Reserve Fund is in deficit by more than 2 trillion rupees.
Provincial and local levels have more than 2 trillion and 40 billion rupees in reserve. "We are sending funds to the provincial and local levels, but there is no spending," Finance Minister Pun said, "Looking at the country's treasury, there is no loss. But, the federal reserve is negative, the province and local levels are in profit."
Finance Minister Pun said that the reserve money at the provincial and local levels will be managed. "In coordination with the Finance Commission, an arrangement is being sought to withdraw funds from the local levels and provinces that cannot spend", added Pun.
"The government has a plan to send more funds to the spending local level and provinces and to draw from those who cannot spend," Pun said. "It is as if they are giving more rewards by placing funds in the accounts of provinces and local levels that cannot spend", he further stated that even though the issue was not in the appropriation bill, the amount will come to the central fund.
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