Govt expenditure reaches Rs 1056.89bn in first 10 months of current FY: NRB

KATHMANDU: The total expenditure of the Government of Nepal stood at Rs 1056.89 billion in the first 10 months of the current fiscal year 2023/24, as stated in the macroeconomic and financial situation report issued by the Nepal Rastra Bank (NRB) on Monday, citing the Ministry of Finance and the Financial Comptroller General Office (FCGO).

Compared to a growth of 15.3% in the previous fiscal year 2022/23, government expenditure increased by 0.9% in 10 months. The recurrent expenditure, capital expenditure, and financial expenditure amounted to Rs 752.56 billion, Rs 111.88 billion, and Rs 192.45 billion respectively.

Up until mid-May of the fiscal year 2023/24, the total revenue mobilisation of the federal government (including the amount to be transferred to provincial and local governments) stood at Rs 831.93 billion. Revenue mobilisation recorded a growth of 10.0% in the review period, in contrast to a decrease of 12.6% in the same period of the previous fiscal year. The tax revenue amounted to Rs 746.83 billion and non-tax revenue to Rs 85.10 billion in the review period.

Government cash balance

The cash balance at various accounts of the Government of Nepal, maintained with the NRB, remained at Rs 279.74 billion (including provincial governments and local government accounts) in mid-May 2024. This balance was Rs 65.36 billion in mid-July 2023.

Provincial government’s expenditure, revenue

In the first 10 months of the current fiscal year, the total expenditure of provincial governments stood at Rs 98.34 billion and resource mobilisation at Rs 150.67 billion respectively. The total resource mobilisation of provincial governments includes the grants and revenue transferred from the federal government amounting to Rs 113.13 billion, and revenue and other receipts of the provincial governments amounting to Rs 37.54 billion in the review period.