(1) The Ministry of Finance shall be responsible for the preparation of the budget for the government work and development program to be done in the next financial year.
(2) According to sub-section (1) the periodic work statement, income-expenditure estimate requested by the Ministry of Finance in order to review the budget and program and the budget allocated to its office and subordinate offices in accordance with sub-section (2) of Article 119 of the Constitution, expenditure And the responsible accounting officer will be responsible for submitting the progress statement according to the target to the Ministry of Finance.
(3) Cash or in-kind assistance received by the Government of Nepal in the form of grants and loans from friendly nations and international organizations should be included in the budget. Apart from this, a separate statement of other types of assistance should be submitted to the Parliament along with the budget.
(4) Before taking the aid as per sub-section (3), such aid is in accordance with the priority, policy and program determined by the plan and annual program, if not, the approval of the Ministry of Finance shall be obtained after consultation with the National Planning Commission and the details thereof shall be prepared and submitted to the Ministry of Finance. The duty will be that of the accountable officer.
(5) The relevant ministry shall provide the details of foreign loans, grants and assistance received to non-governmental organizations and local bodies to the Ministry of Finance. The details obtained in this way should be submitted by the Ministry of Finance to the Parliament.
(6) Other procedures to be adopted while formulating the budget and program shall be as prescribed.