The government has presented a budget of Rs. 1647.57 trillion (Rs 1,647,570,000,000) for the fiscal year 2078/79. The government has brought a budget of Rs. 172.93 billion more than the current fiscal year.
Finance Minister Bishnu Prasad Poudel announced that 41.2 percent of the budget was spent on recurrent expenditure, 22.7 percent on capital expenditure and 12.6 percent on financial management. The Federal has allocated Rs 678.61 billion for current expenditure, Rs 347 billion for capital expenditure and Rs 207.97 billion for financial management.
386 billion or 23.5 percent of the budget has been allocated for the lower level financial transfers.
For resource management, it is targeted to collect Rs. 1024.90 billion from revenue, Rs. 63.37 billion from foreign grants and Rs. 250 billion from internal debt and Rs. 309 billion from external debt.
The new budget estimates economic growth at 6.5 percent.
Due to the absence of the House of Representatives, the budget was brought from the Prime Minister’s Office Singha Durbar through an ordinance.
On Saturday, the cabinet meeting had recommended to the President to bring the budget for the coming fiscal year 2078/79 through an ordinance. A meeting held at the Prime Minister’s residence in Baluwatar also passed the budget.
After the dissolution of the House of Representatives, the government has made the budget public through an ordinance in accordance with the constitutional provision of bringing the budget on May 29.
