Government unveils budget of Rs 1.75 trillion for FY 2023/24

KATHMANDU: The government has tabled a budget of Rs 1,751.31 billion for the fiscal year 2023/24. Out of the total allocation, Rs 1,141.78 billion or 65.20% is for current expenditure, Rs 302 billion or 17.25% for capital expenditure, and Rs 307.45 billion or 17.55% for financial management. This expenditure estimate is 2.37% less than that of the current fiscal year and 16.37% more than the revised estimate. In the total allocation, Rs 408 billion has been allocated for financial transfer to the provincial and local levels. Among the sources of expenditure estimated for the next financial year, Rs 1,248.62 billion will be met through revenue collection, and Rs 49.94 billion through foreign grants, while there will be a shortfall of Rs 452.75 billion. The net shortfall will be covered by foreign debt worth Rs 212.75 billion and internal debt of Rs 240 billion. [caption id="attachment_37317" align="alignnone" width="1000"] Finance Minister Prakash Sharan Mahat presents the annual estimates of the government's revenue and expenditure for the upcoming fiscal year 2023/24 before a joint session of the Federal Parliament, on Monday, May 29, 2023. Photo: RSS[/caption] It may be noted that the National Planning Commission (NPC) had given a ceiling for the budget for the next fiscal year of Rs 1,688 billion. Finance Minister Prakash Sharan Mahat tabled a budget that is Rs 63 billion more than the ceiling by the NPC. [caption id="attachment_37320" align="alignnone" width="1000"] Speaker Dev Raj Ghimire and National Assembly Chairperson Ganesh Prasad Timilsina at a joint session of the Federal Parliament, on Monday, May 29, 2023. Photo: RSS[/caption] The budget is focused on building a digital and green economy, Finance Minister Mahat said while adding that he took the priorities of the appropriation bill as a suggestion to make the best use of available resources. The budget addresses public expectations and the suggestions of the private sector. The government has prepared the budget for the fiscal year 2023/24 with the slogan of the second phase of economic reform and structural change of the economy.

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Government aims at 6 pc economic growth: Finance Minister Mahat [caption id="attachment_37324" align="alignnone" width="1000"] Finance Minister Prakash Sharan Mahat presents the annual estimates of the government's revenue and expenditure for the upcoming fiscal year 2023/24 before a joint session of the Federal Parliament, on Monday, May 29, 2023. Photo: RSS[/caption] The government has set a target of achieving 6% economic growth rate in the next fiscal year 2023/24. Further, it aims to limit inflation to below 6.5%. [caption id="attachment_37326" align="alignnone" width="1000"] Lawmakers attend a joint session of the Federal Parliament, on Monday, May 29, 2023. Photo: RSS[/caption] Presenting the budget statement in Parliament today, Finance Minister Mahat said the government expects to achieve 6% economic growth in the coming FY. Inflation is expected to be limited to 6.5%. Further, Nepal Rastra Bank will decide the monetary policy to help achieve the aforementioned target, he added. [caption id="attachment_37323" align="alignnone" width="1000"] Finance Minister Prakash Sharan Mahat going to present the annual estimates of the government's revenue and expenditure for the upcoming fiscal year 2023/24 before a joint session of the Federal Parliament, on Monday, May 29, 2023. Photo: RSS[/caption] READ ALSO:

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