The practice of preparing an annual budget dates back to 1951, right after Nepal’s political transition that led to the end of the Rana regime in the country. Subarna Sumsher, the finance minister then, had publicly announced an outlay of NPR 50.25 million. The political context of the country then was such that the budget was not presented in the Nepali parliament but announced via Radio Nepal. It was only much later, in 1959, that a budget was first presented to the Nepali parliament.
Nepal’s budgetary practice has evolved over the years, but it continues to hold significance, and with some fanfare. What is the day like? Picture this: the Finance Minister walks to the podium with a document briefcase wrapped in a red ribbon. Anticipation and excitement fill the air as people eagerly await to hear what's included or excluded in the budget.
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