KATHMANDU: Emphasis has been laid on active and meaningful participation of all bodies concerned to make arrears clearance and financial governance effective.

An annual report for fiscal year 2081/82 recently released by Arrears Settlement Monitoring Committee formed under the chairmanship of Chief Secretary Suman Raj Aryal states that although a policy was adopted to keeping financial governance in centre, no expected achievement was gained in lack of expected participation and activeness of stakeholders.

The report stressed the need of increasing cooperation and collaboration among all bodies keeping arrears settlement in priority in coming days.

As per the 62nd annual report of the Office of the Auditor General, out of total audit carried out in 2080/81, the arrears stood at Rs 91.59 billion, which was more by 9.45 per cent as compared to the previous year.

The report stresses on the strict implementation of laws, rules and criteria to make use of public funds, financial accountability, transparency and fiscal discipline.

The Committee pointed out the need of meaningful use of allocated budget, strengthening effective monitoring and auditing system to reduce arrears.

It also requested the bodies concerned to responsibly shoulder the financial responsibilities to make arrears settlement systematic, result-oriented, and adopt fiscal discipline and financial responsibility.