Govt unveils Rs 1, 278.99 billion budget for fiscal 2017/18

Krishna Bahadur Mahara, Finance Minister of Nepal

Pokhara—Finance Minister Krishna Bahadur Mahara presented the budget for fiscal year 2017/18 today in legislative parliament.

The budget covers the estimate of income and expenditure of Rs 1, 278.99 billion. There are very few new programs in budget because of election code of conduct of second phase of election that has been rescheduled for June 24.

Implementation of federalism, holding of elections, reconstruction and construction of infrastructures are major focuses of the budget. The budget expects the economic growth of 6.9 percent in ongoing fiscal.

The construction of tunnel from Koteshwor to Suryabinayak of Bhaktapur district is also the program of the budget.  Rs 13 billion are allocated for the project of Pokhara Regional International Airport, Gautam Buddha International Airport in Lumbini and another international in Bara.

The plan of production of 17,000 MW electricity within the period of 7 years is also a part of the budget. The budget has allocated  Rs 10 billion for Budi Gandaki Hydro Project and projected that the Chameliya and Kulekhani III would be completed coming year. Construction of fast track, health insurance of the people and compulsory bank account opening for everyone are also in the budget.

At the same time, the amounts equals to Rs 100 million to 390 million for Rural Municipality, Rs 150 million to Rs 430 million for Municipality, Rs 400 million to Rs 630 million for Sub-Metropolitan City and Rs 560 million to Rs 1 billion and 240 million for Metropolitan city are also allocated in the budget.

As per the budget, Rs 804 billion has been allotted for current spending, Rs335 billion for capital expenditure and Rs140 billion for financing provision. Similarly, the government targets revenue mobilization of Rs 730 billion in coming fiscal year. The budget targets Rs72 billion as foreign grant and Rs214 billion as foreign loan. For local units, the government has allocated Rs 225 billion.

Published on: May 29, 2017 9:02 pm

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