Revenue, expenditure estimates reduced following mid-term review of budget

KATHMANDU: The government has reduced the revenue and expenditure estimates for the current fiscal year 2023/24 following a mid-review of the budget.

The revised estimates for the current fiscal year are valued at 87.38% of the initially allocated budget of Rs 1.53 trillion.

Finance Minister Prakash Sharan Mahat stated that the estimate has been adjusted so that 88.84% will be allocated to recurrent expenditure, 84.13% to capital, and 87.39% to financial arrangements, compared to the initial allocation.

By the end of the current fiscal year, it is projected that Rs 1.30 trillion in revenue and domestic loans, Rs 40.12 billion in foreign aid, and Rs 180.83 billion in foreign loans will be expended.

Finance Minister Mahat clarified that despite the government's measures to enhance the economy gradually yielding results, the situation of low revenue collection and weak budget expenditure persists. Although revenue collection has increased compared to the previous year, it is slightly below the initial target.