HONEYMOON DAYS: Finance ministry pegs away but scant to show

The Finance Ministry, in its honeymoon period, has tried to live up to its commitments spelled out in the budget.
The ministry unleashed a deluge of working manuals and directives, like Small Farmers' Loan Waiver Manual, Controlling Government Expenditure Directives and Working Manual for the Finance Ministry for smooth functioning of customs and revenue collection.
The finance ministry was successful in collecting targetted revenue as it has exceeded its target by 105.44 per cent to Rs 32.98 billion by November 15 as against its target of Rs 31.28 billion. The ministry, to encourage customs officials, has also raised their pay and perks. Its an indication that the ministry has taken the task of revenue collection seriously as it was rapped for setting an ambitious revenue target in the budget for the fiscal year 2008-09.
But the ministry is still engaged in preparing manuals and time is running out as the budget itself was presented two months later than its usual schedule. While the ministry has only six months to implement its plans and programmes, not a single development work -- promised in the budget -- has been started by the end of honeymoon period.
Contrary to popular belief, the ministry has been successful in convincing donors as the donors have pledged Rs 19 billion foreign aid, grants and loan to the Moaists-led government. However, it's another issue that the government has not received a single penny over than that already committed for undergoing projects during this period.
Finance Minister Dr Baburam Bhattarai is optimistic that the ministry under him is moving on the right track. "I am not completely satisfied, but things are moving on track. However, we need to speed up things," he admitted. "Anyway, we have been able to boost the people's morale with as many as 60-people oriented programmes," said the first finance minister of the youngest Republic, adding, "Still, it is true that the people have higher aspirations and the government has a long way to go."
"Policywise, everyone is happy. The only doubt has been over implementation of the budget," Dr Bhattarai said adding that by January 15 all paperwork would be complete and development works would start.
Critics, however, point to the fact that time is running out for one of the key ideologue of the Maoists. Worst of all, the government has totally failed in controlling the price hike. While it stands to reason that creating more jobs will be its major challenge, the downside is that more and more industries are closing down leading to increasing unemployment.

Highs
* Revenue rake-in rose by 105.44 per cent to 32.98 billion.
* Open liquor sales controlled from November 18.
* Donors pledged above Rs 19 billion in aid, grants and loans.
* Small Farmers' Loan Waiver manual passed by cabinet.

Lows
* Government failed to control price hike.
* Development works nil.
* Employment creation nil.