The government of Nepal announced on Tuesday a NPR1.8 trillion budget for fiscal year 2081–82, marking a significant increase of 6.2% from the current fiscal year. Finance minister Barshaman Pun presented the budget to the joint meeting of the federal parliament.
The budget seeks to address long-standing economic difficulties, such as an imbalance in public finance, rising public debt, limited capital expenditures, and tax collection below targets. To attain these goals, the administration has launched new economic reform initiatives.
How will the budget is going to be spent?
Minister Pun stated that recurrent spending is estimated to be Rs1.14 trillion, which is 61.31 percent of total budget.
Similarly, capital spending is estimated to be Rs352 billion, or 18.94 percent of the budget, while financial management expenditure is estimated to be Rs367 billion, or 19.74 percent.
Source of revenue
According to minister pun, the government has set a target of allocating 1.26 trillion from revenue, NPR 330 billion from internal loans, NPR 217 billion from foreign loans and NPR 52.3 billion from foreign grant.
The budget for fiscal year 2081/82 demonstrates the government’s commitment to economic reform and financial stability. The emphasis on revenue production from both domestic and foreign sources is intended to support the nation’s economic growth and development. The budget’s focus on education, infrastructure development, and economic reforms is projected to have a good impact on the country’s overall economic performance.
Also Read: https://whatthenepal.com/2024/05/28/nepal-celebrates-17th-republic-day-today/
Read more: https://kathmandupost.com/money/2024/05/29/rs1-86-trillion-financial-plan-with-lofty-goals
