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Nepal facing financial crisis without leade

Even as Nepal failed to elect a new prime minister for the 15th time on Monday, as most lawmakers stayed away from the election process, the country is facing another crisis. Till the elusive political consensus is reached, the country remains in limbo and stares at financial crisis due to non-presentation of its annual budget.

world Updated: Nov 02, 2010 00:51 IST
Utpal Parashar

Even as Nepal failed to elect a new prime minister for the 15th time on Monday, as most lawmakers stayed away from the election process, the country is facing another crisis. Till the elusive political consensus is reached, the country remains in limbo and stares at financial crisis due to non-presentation of its annual budget.

News reports quoting Prime Minister’s office and finance ministry officials say that there’s not enough money to pay salaries to civil servants.

The caretaker government of Madhav Kumar Nepal had passed a partial budget in July for four months. The country needs to pass a full budget by November 16 if developmental work and other sectors are not to be severely affected.