The government has presented a budget of Rs 1,647.57 billion for fiscal year 2078/79.
Minister for Finance Bishnu Prasad Poudel unveiled the budget for next fiscal year on Saturday. The budget for the current fiscal year is Rs 1,474.64 billion.
The budget presented for fiscal year 2078/79 exceeds the budget for the current fiscal year by Rs 172.93 billion.
The government has allocated Rs 678.61 billion for recurrent expenditure for the next fiscal which is less in comparison to the current fiscal year. Likewise, Rs 347.26 billion has been allocated for the investment expenses while Rs 207.97 billion has been allocated for financial management. Similarly, grant of Rs 386.71 billion has been appropriated for local levels.
The government has set a target of collecting Rs 1,024 billion in revenue in fiscal year 2078/79. This year, the target is to receive Rs 63 billion from foreign grants. The government plans to take loans of Rs 309.29 billion from foreign development partners.
This is the first time the government has presented the budget through ordinance since the promulgation of the constitution. The government that has announced the mid-term polls following the dissolution of the House of Representatives has put its efforts to address the needs of all the sectors.
The allowance for senior citizens has seen an increment of Rs 1,000 to Rs 4,000 per month. Likewise, the social security allowance has been increased by 33 per cent. The government has allocated a considerable budget in the health and education sectors.
A budget of Rs 180.04 billion has been allotted to the education sector, Rs 122.77 billion to health sector, Rs 121.97 billion to energy sector, Rs 12 billion to PM Employment programme, Rs 2.74 billion to sports sector, and Rs 350 million to Pashupati Area Development Trust.