On Saturday, the government released the Rs. 1,647.57 billion budget for the upcoming fiscal year 2078/79. Because it is a constitutional need to present the budget for the upcoming fiscal year to the parliament on Jestha 15 of each year, the government has brought the budget from the ordinance after the parliament’s dissolution this time.
After President Bidyadevi Bhandari enacted three laws pertaining to the budget based on the Council of Ministers’ suggestion, Finance Minister Bishnu Prasad Poudel announced the budget at a special program hosted by the Prime Minister’s Office and the Council of Ministers.
The government has allotted 41.2 percent of the overall budget, or Rs 678.61 billion, for current spending, 22.7 percent, or Rs 374.26 billion, for capital spending, and 12.6 percent, or Rs. 207.97 billion, for financial management.
Similarly, 23.5 percent, or Rs. 368.71 billion, has been set aside for state and local financial transfers.
The budget will be funded by Rs. 1,024.90 billion in revenue, Rs. 63.37 billion in foreign grants, Rs. 309.29 billion in foreign debt, and Rs. 250 billion in domestic debt.
Finance Minister Poudel announced that Rs. 26.75 billion has been set out in the budget for the purchase of corona vaccination.
The grant for federal projects and programs to be implemented at the state and municipal levels has been enhanced in the budget.
In the next two years, the budget has set aside Rs. 45.09 billion for agricultural and livestock development, as well as Rs. 12 billion for chemical fertilizer subsidies.
The budget will supply irrigation services to an extra 29,400 hectares of arable land next year, as well as complete tunnel construction work on the Sunkoshi Marine Multipurpose River Diversion Project in four years. A budget has been set aside to link 5,000 shallow tubewells and 200 deep tubewells in order to expand irrigation capacity in the and 20,000 hectares of cultivable land in 25 districts.
Similarly, the budget has increased the budget amount in the sector of social security to Rs. 4,000 as the senior people’ social security payment.
The budget has earmarked Rs 13 billion for different relief, concession, and economic rehabilitation initiatives, as well as to provide interest subsidies to people returning from foreign employment by raising the concessional loan maximum to 5%.
Similarly, money have been allotted in the budget to finish the survey and mapping of 15,000 square kilometers from Mechi to Narayani, as well as to finish the survey and mapping of the entire country within the next three years.
According to Finance Minister Poudel, the budget has earmarked Rs 2.77 billion for commercial production from the Dhaiwadi iron mine next year, completion of petroleum exploration within the next two years, and construction of industrial infrastructure.