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The Finance Minister Presents the National Budget for the Financial Year (FY) 2018-2019 to the House.

Posted on :04 January 2019

The Finance Minister, Lyonpo Namgay Tshering presented the National Budget for the FY 2018-2019 to the National Assembly today. Introducing the Report, the Finance Minister reported that the government comprehensively reviewed the draft 12 FYP and approved the Plan with an outlay of Nu.310 billion. The overarching goal of the 12 FYP is to pursue “Just Harmonious and a sustainable society through enhanced decentralization” and that the 12 FYP is the last mile transition plan for Bhutan’s graduation from Least Developed country status.

 

The Finance Minister reported on the Macroeconomic Performance, the Budget Estimate for the FY 2018-19 and the Budget Appropriation Bill for the FY 2018-19.  An economic growth rate of 7% was reported and average Consumer Price Index inflation of 3.6%. Gross International reserve at the end of Oct 2018 was reported at US$ 1127.35 million. Total Domestic Revenue is projected at Nu. 217,728.299 million For the 12 FYP. Fiscal deficit is estimated at average of 2.4% of GDP which is within the fiscal target of 3% of GDP. The total public debt was reported at Nu. 182,674.920 million (External debt NU. 175,127.470 million and Domestic Debt of Nu. 7,547.450 million)

 

The Finance Minister presented only the capital budget appropriation for the next six months (Jan-June 2019) since the Budget Appropriation Act for the FY 2018-19 was passed by the previous Parliament with current budget for the entire fiscal year and capital budget for only six months (July-December 2018).  The Budget Appropriation for a consolidated sum of not exceeding Nu. 47,698.129 million Including Nu. 36,317.937 million Passed by the 11th Session of the Second Parliament was submitted for endorsement to the National Assembly. The Appropriation is being drawn from the Consolidated Fund of the Royal Government of Bhutan as per the Budget Appropriation Bill for the FY 2018-19. From the total approved budget Nu. 29,075.167 million Is for current expenditure, Nu. 5, 386.162 million for capital expenditure, Nu. 1842.168 million For repayment of loans and Nu. 14.440 For lending.

 

The House then directed the Economic and Finance Committee to review the National Budget FY 2018-19 and Budget Appropriation Bill for the FY 2018-19. The Finance Committee will submit the Review Report on 11th January 2018 for deliberation in the House.

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