Kathmandu: The government has unveiled a new budget of Rs 1751.31 billion billion for the upcoming Fiscal Year FY 2023/2024.
Presenting the annual budget during a meeting of the Federal Parliament on Tuesday, Finance Minister Prakash Saran Mahat said Rs 1141.78 billion has been allocated for the current expenditure and Rs 302.07 billion for the capital expenditure. Likewise, Rs 307.45 billion has been allocated for financing purposes.
The recurrent expenditure of the government accounts for 65.20 percent of the total budget while the capital expenditure is 17 percent of the budget. Likewise, the budget allocated for financing purposes is 17 percent of the total budget, the finance minister said.
The budget unveiled for the next fiscal year is lower than the budget unveiled for the current fiscal year, but it exceeds the revised budget of Rs 1549 billion for the current fiscal year. Last year, the government unveiled a budget of Rs 1793.83 billion. However, as the revenue collection plunged to record low, the government revised the budget to Rs 1549 billion.
The government has set a target to collect Rs 1248.62 billion through taxes as a means to manage its resources. Likewise, it aims to receive Rs 49.94 billion in foreign aid, Rs 212.65 billion from foreign loans, and Rs 240 billion from domestic borrowing.
In terms of economic goals, the government aims to achieve a six percent growth rate, and intends to keep inflation at 6.5 percent in the next fiscal year.
Comment