Economic and Finance Committee consults Ministry of Finance on the Annual Budget 2024-2025
Following the presentation of the Annual Budget 2024-2025, by the Finance Minister to the House on 13 June 2024, it was referred to the Economics and Finance Committee for further deliberation.
On the invitation of the Committee, the Ministry of Finance , led by the Finance Secretary, made a presentation on the FY 2024-2025 Lhen-zom Khanzang on 18 June 2024. The presentation covered an extensive overview of the capital budget for FY 2024-2025, resource allocations for local governments, general reserves for FY 2024-2025, and a new allocation approach for operational capital expenditures.
The committee expressed concerns about the resource allocation formula particularly the use of standard deviation, which could create regional inequalities and hinder national development. The Finance Secretary emphasized the constraints of limited resources and urged prioritization of national development over regional sentiments.
The Committee will submit its findings and recommendations to the House for Third Reading of the Annual Budget Appropriation Bill for the FY 2024-2025 scheduled on 21 June 2024.
