Minister for Economic Affairs Jit Bahadur Sherchan is presenting the budget in the Provincial Assembly.
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The Gandaki Provincial Government is unveiling a new budget for the upcoming fiscal year 2083/84 in the Provincial Assembly on Monday. Minister for Economic Affairs Jit Bahadur Sherchan is presenting the budget in the Provincial Assembly.
Although the Provincial Policy and Planning Commission has reduced the budget ceiling for the upcoming year to 28.70 billion 56.96 million rupees due to financial pressure, it is estimated that the budget will be around the same as the current fiscal year (about 33 billion rupees) due to pressure from ministers and lawmakers.
Gandaki's budget, which reached a maximum of 35.90 billion in the fiscal year 2079/80, has been gradually decreasing since then. The lack of internal resources and the decrease in grants from the union have put pressure on the provincial budget.
In the upcoming budget, 57 percent of the amount is estimated to be allocated towards capital expenditure, 33 percent towards current expenditure, 1 percent towards financial management and 8.75 percent towards intergovernmental financial management. Ministry Secretary Tokraj Pandey has said that the provincial economy has been challenged due to international tensions and national economic indicators being under pressure.
However, he said that since the province's consolidated fund is strong, there will be no problem in payments and royalty collection has improved in the current fiscal year.
With the multi-year plan liability reaching almost 60 percent, this year's budget will include priority sectors such as infrastructure, health, and education, while cutting unnecessary expenses such as training and vehicle purchases.
