Kathmandu, May 28
The government has announced a budget of Rs 1.86 trillion for the upcoming fiscal year 2024/25. Finance Minister Barsha Man Pun presented the budget at a joint session of parliament, outlining significant increases in both revenue and expenditure.
The newly proposed budget represents a 6.2 per cent increase over the current fiscal year and is 21.56 per cent higher than the revised budget of the previous year. This year, the government presented a budget of Rs 1.75 trillion.
In the new budget, Rs 1.14 trillion have been allocated for recurrent expenditure, accounting for 61.31 per cent of the total allocation. Capital expenditure is set at Rs 352.35 billion, making up 18.94 per cent of the total budget, while Rs 367.18 billion have been designated for financial management, comprising 19.74 per cent of the total budget.
The government plans to transfer Rs 408.27 billion to provincial and local levels this year, an increase from the Rs 408 billion transferred last year.
To fund the budget, the government aims to collect Rs 1.26 trillion from revenue, slightly up from the current year’s target of Rs 1.248 trillion. Additionally, the government plans to raise Rs 330 billion from internal loans, Rs 217.67 billion from foreign loans, and Rs 52.33 billion from foreign grants, as outlined by Finance Minister Pun.
This ambitious budget reflects the government’s commitment to increasing investment in both capital projects and financial management to foster economic growth and development in the country.
