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Finance Minister Presents the National Budget for the FY 2019-20 to the House

Posted on :24 May 2019

The Finance Minister, Hon’ble Namgay Tshering presented the National Budget (Appropriation Bill 2019-2020) and the report on the budget of the previous Fiscal Year to the National Assembly today.  

 

The Finance Minister reported that the main objective of the budget is to ensure economic growth and stability and as a means to achieve the objectives of the 12 FYP. Reporting on the Annual Budget for the FY 2019-20, the total resource estimate was reported at Nu. 54, 619.179 million with a total estimated expenditure of Nu.61,197.307 million. Fiscal deficit was reported at 3.04% of the GDP.

 

The Supplementary Appropriation for the FY 2018-19 was submitted for Nu. 1,627.410 million and the revised budget amounting to sum not exceeding Nu. 49,325.539 million upto period ending March 2019.

 

The Budget Appropriation for the FY 2019-20 is for a sum not exceeding Nu. 64,826.725 million and the funds for the appropriation would be drawn from the Consolidated Fund of the Royal Government of Bhutan.

 

The Finance Minister reported that the government had introduced new initiatives in education and health sector by removing cut off points for the class X and introducing scholarship for class X students, introduced Day feeding program in a 115 rural school and started implementation of Flagship Programs. The government has also made major reforms to strengthen the public finance management by introducing new systems. It is also looking to broaden the tax base.

 

The Economic and Finance Committee will review the Budget Report and submit its Review Report to the House after 10 working days.

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