We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
The government has reduced the estimate of income and expenditure through the half-yearly review of the budget for the current financial year 2081/82. Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel presented the budget review in Parliament on Thursday and reduced the size of the budget.
It is estimated that 18 trillion 60 billion 33 million will be spent in the current financial year, and the revised estimate will be 16 trillion 92 billion 73 million 35 million through the half-yearly review. This amount is 90.99 percent of the initial allocation.
It is estimated that 10 trillion 29 billion 30 million will be spent on operations, i.e. 90.24 percent of the allocation, 2 trillion 99 billion 50 million on the capital side, i.e. 85 percent of the allocation, and 3 trillion 63 billion 93 billion 26 million on the financial side, i.e. 99.09 percent of the allocation.
By the end of the current year, it is estimated that 14 trillion 75 billion 268 million will be spent from the sources of Nepal government (revenue and internal debt), 36 billion 62 billion 86 million for foreign grants and 1 trillion 80 billion 83 billion 67 million for foreign loans.
According to Finance Minister Paudel, 34 billion 89 billion 22 million has been transferred to the province and 1 trillion 50 billion 268 million to the local level during the half-yearly review period. Out of the budget allocated in the current financial year, 36.17 percent has been transferred to the state and 48.10 percent to the local level during the review period. During the review period, 45.28 percent of the total subsidy was transferred to the provincial and local levels.
According to the Ministry of Finance, during this period, 64.558 billion 64 billion 558 million has been distributed at the rate of 32 billion 279 million from the value added tax and excise collected from domestic production to the provinces and local levels according to the formula (15 percent). Which is 14.17 percent more than last year.
The government has also pointed out the improvements to be made in budget implementation and resource management through the semi-annual review. Among them, there are issues such as not creating new organizational structures and positions in all government offices, regulatory agencies and public institutions, and maintaining frugality in current expenses by creating spending standards.
In view of the pressure on the resources, the government has also decided to withhold 25 percent of the amount that has been spent so far out of the resources of the government of Nepal allocated for current expenditure, apart from the mandatory obligations. There are topics such as land acquisition and distribution of compensation, approval of forest area use, etc., to be taken to the procurement process for the implementation of projects related to infrastructure construction, arrangements to ensure that there is no shortage of resources in the implementation of projects of national pride and priority projects of national importance.
