Finance Minister Professor Biman Prasad

From next year on, the Coalition Government will be working on a new development plan.

This has been revealed by Finance Minister Professor Biman Prasad while responding to questions by Golden Manufacturers Group Chief Executive Ram Bajekal.

Bajekal, during the post-budget talanoa session yesterday, raised the question of whether the government will be putting out a document that will actually lay out the strategic plan for the next five or ten years.

[Ram Bajekal during the post-budget talanoa session yesterday]

“There are two things that actually lend investors’ confidence. One is, of course, what we see in the budget, but there is much sound if the budget is based on a strategic plan and a national development plan.”

Finance Minister, Professor Biman Prasad says previously every sector had objectives and key indicators that needed to be achieve in a certain period of time, and budgets were allocated based on these plans.

“You’re absolutely right: a budget is one plan. But if the budget is not tied to a strategic plan where you have a very clear set of objectives that you want to achieve in five years, ten years, or 20 years and the deliverables based on those objectives, timelines, and specific indicators, and monitoring of its implementation and achievement, then it’s not very easy to do a budget.”

In terms of reducing energy costs for businesses, Prasad says they will be recalling the thematic groups formed during the Economic Summit to ensure there is a determined plan of action to accelerate the development of renewable energy sources.