The Bhutanese Leading the way.
Over the past two days, the National Assembly has been engaged in discussions and decisions regarding the nation’s budget for the upcoming Fiscal Year (FY) 2024-25 and a supplementary budget for the current fiscal year 2023-24.
On June 24, the Chairperson of the Economic and Finance Committee (EFC), Rinchen Wangdi, presented a detailed review report on the Budget Appropriation Bill for FY 2024-25 and the Supplementary Budget Appropriation Bill for FY 2023-24.
The Committee made 16 key recommendations, including adopting a supplementary budget of Nu.3,224.924 million for FY 2023-24, allocating an additional Nu.140.200 million to boost the National Food Testing Laboratory’s capacity for better certification services, and conducting feasibility studies for commercial farming with appropriate budgetary support.
Other recommendations focused on managing human-wildlife conflicts, streamlining solar PV installations, transferring certain loan liabilities, prioritizing road development, and formulating guidelines for project-tied grants.
The house endorsed all recommendations except for the second one, which was sent back to the Committee for further review.
This specific recommendation involved the allocation of additional funds to enhance the capacity of the National Food Testing Laboratory.
On the following day, June 25, the Committee revisited the recommendation to allocate an additional Nu.140.200 million for the National Food Testing Laboratory.
Although the Finance Minister noted that this budget might not be feasible in the first year, the house agreed to provide the required funds, aiming to improve certification services for easier import and export of food products.
Subsequently, the Finance Minister moved to adopt the Budget Appropriation Bill for FY 2024-25 and the Supplementary Budget Appropriation Bill for FY 2023-24.
The house unanimously approved the supplementary budget of Nu.3,224.924 million for FY 2023-24, with all 46 members voting in favor. The budget for FY 2024-25, totaling Nu.97, 654.829 million, passed with 45 votes in favor and 1 against.
The approved bills was transmitted to the National Council for further deliberation.
