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Bhutan presents National Budget report

After the transition from monarchy to parliamentarian system the new govt of Bhutan, tables its National Budget report for 2008-2009.

world Updated: Jun 26, 2008 15:02 IST

Bhutan, which recently witnessed a smooth transition from monarchy to Parliamentarian system of governance, tabled its National Budget report for 2008-2009 with total expenditure for the fiscal estimated at Nu 23,072 million (1USD=42.78Nu).

Finance Minister Wangdi Norbu presented the budget report, which allocated 24 per cent of the total outlay to the social service sector comprising of health and education.

Of the total estimates, Nu 11,500 million is the current expenditure while the capital expenditure is estimated at Nu 11,572 million.

No estimate has been included for the Government of India grants since the break-up of New Delhi's assistance of Nu 100 billion, announced by Prime Minster Manmohan Singh on his recent visit to the country, for the 10th Plan has not been finalised, state media reported.

Presenting the budget on Monday, Norbu said the budget estimates will be updated as and when the actual figures are finalised.

Bbeing the first year of the 10th Five Year Plan and the resource picture not being very clear, the budget estimates have been drawn giving priority to "complete the spill over activities of 9th Plan and including mainly those activities for which donor funding has been secured", the Minister said.

He also said there has not been much time for the new government to prepare the budget in a more comprehensive manner taking into account all its pledges.

Norbu also presented the Budget and Appropriation Bill for 2008-2009, which is in accordance with the Public Finance Act, 2007. The house will continue discussion on the bill on Thursday.