First Business News Portal in English from Nepal
KATHMANDU: The government has unveiled Rs 1.64 trillion worth budget for 2021-22 fiscal year which is much distributive in nature.
Out of the total budget, government aims to utilise Rs 678.61 billion as recurrent expenditure. Likewise, Rs 374 billion and Rs 207 billion have been earmarked for capital expenditure and financing provision, respectively.
Moreover, the government has set a revenue collection target of Rs 1,024 billion. Likewise, the government will seek foreign grants and loans of Rs 63 billion and Rs 309 billion, respectively. Domestic loans amounting Rs 250 billion is expected to balance the expenditures and sources of the budget.
The care taker government led by Prime Minister KP Sharma Oli brought the budget through ordinance with due priority to combating the Covid-19 pandemic, providing relief to pandemic-affected public and the businesses and social security allowance.
While due priority has been given to health, education and social security sector, Finance Minister Bishnu Prasad Poudel has also distributed budget to small and scattered projects.
The budget has also given ample priority to private sector’s concern by waiving off electricity demand fee, ensuring refinancing facility to pandemic-affected businesses at affordable interest rate.
Meanwhile, the KP Sharma Oli-led government has decided to scrap the Local Infrastructure Development Partnership Programme.
The government has forecasted economic growth target of 6 percent for the upcoming fiscal year.
Read Full Budget text here
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