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Deputy Prime Minister and Finance Minister Bishnu Paudel has reduced 1 trillion 67 billion 56 billion 95 million rupees from the allocated budget for the current financial year. Through the budget of the current financial year, Finance Minister Paudel has reduced the size of the budget by about 2.5 trillion through the semi-annual review.
After the revision, the total budget of this year has remained at 16 trillion 92 billion 73 billion 35 million rupees. This is 90.99 percent of the initial total allocation budget. Last May 15, the then government brought a budget of 18 trillion 60 trillion 33 million rupees.
With the reduction in the size of the total budget, the current expenditure is now 10 trillion 29 billion 30 million (90.24 percent of the initial allocation budget) and the capital expenditure is 2 trillion 99 billion 50 million 9 million (85 percent of the initial allocation). Last May, the previous government allocated 11 trillion 40 billion 6644 million rupees for current expenditure and 3 trillion 52 billion 364 million rupees for capital expenditure.
Similarly, the budget for financial management has also been reduced. According to which, the budget under the title of financial management has also been revised and fixed at 3 trillion 63 billion 93 billion 26 lakh rupees. This is 99.09 percent of the initial allocation. Last May, the government allocated a budget of 3 trillion 67 billion 28445 million rupees for financial management.
Similarly, by the end of the current year, the government of Nepal has revised estimates that 14 trillion 75 billion 260 million 82 million will be spent from sources. The revised estimate is that 36 billion 62 billion 86 million will be spent on foreign grants and 1 billion 80 billion 83 billion 67 million rupees will be spent on foreign loans. The government has estimated that the targeted revenue will be collected due to the increase in capital expenditure due to the acceleration of development and construction work, cancellation of the list of value added tax and excise duty exemptions made by the Economic Act, taxes imposed on new areas, etc.
The government has estimated that among the sources of expenditure proposed in the budget of the current financial year, a total of 15 trillion 90 billion 30 million 3 million will be from revenue and internal debt, 52 billion 32 million 65 million from foreign grants and 2 trillion 17 billion 67 million 35 million from foreign loans.
