1 TRANSLATION OF THE PROCEEDINGS AND ... - APFA News

Nu.381 million increase in the budget of the last fiscal year approved by the
National Assembly amounts to only 4%, the amount spent is not very negligible
when considered in actual figures. But this additional expenditure has been
incurred, as reported by the Hon’ble Finance Minister, to repair and renovate
vital public infrastructure which were destroyed by heavy rainfall and flood last
year. Since additional unforeseen expenditure would be incurred, it would be
difficult to balance income and expenditure. Therefore, it would be necessary to
consider the budget so that the income and expenditure are balanced. He
submitted his appreciation to the Ministry of Finance for ensuring a balanced
budget despite the rise in expenditure in the last fiscal year.
The national spending for the fiscal year 2001-2002 must go beyond totaling the
current and capital expenditure presented for the sake of Chimis’ understanding
and comprehension. He pointed out that it would be worthwhile if different
activities and programmes were also explained clearly. If it were necessary to
incorporate expenditure of the mega power projects into the national budget, it
is important to understand the nature of such spending.
The ability to meet current expenditure by domestic revenue has become a basis
of credibility and appreciation. The Chimis extended gratefulness to India and
other development partners for their assistance in making capital investments.
Although the private sector is expected to help boost the national economy by
taking up industrial and commercial entrepreneurship, the small size and
inaccessibility of the country have been very detrimental to its growth. Private
undertakings are confined to very small businesses. They have not ventured into
major commercial and industrial activities and failed to make substantial
contributions as desired by the government. Besides, they have not been even
able to provide employment to educated youths graduating from schools and
institutions. However, in order to help boost industrial establishments as desired
by His Majesty and the Royal Government, five sites have been identified for
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