As revenue is not enough to pay public obligations, the government has had to borrow heavily as a source of income.
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The number of beneficiaries receiving social security allowance from the government has reached 3.641 million. According to the data of the Public Economic Survey 2082/83 on Wednesday, senior citizens above 70 years of age constitute 46.14 percent of the citizens receiving social security allowance.
The fact that senior citizens constitute almost half of the population in Nepal means that the dependent population is increasing and the economically capable population is decreasing.
Finance Minister Swarnim Wagle said that the government is currently in a deficit and is forced to borrow even while doing nothing. 'Currently, the government's mandatory public liability is 1.33 trillion, while only 1.18 trillion was collected in revenue. Therefore, the government is forced to borrow to fulfill its mandatory liability,' Finance Minister Wagle said. Since the revenue is not enough to pay off public liabilities, the government has had to borrow a lot as a source of income.
'You have suggested not to take too much public debt and to spend the debt taken in productive sectors, which is reasonable, but if you say not to take any debt at all, everything will come to a standstill,' said Finance Minister Wagle.
