Kathmandu, Feb 18: A budget limit of Rs. 1800 billion has been set for the next financial year 2024/25.
The Resource Estimation and Budget Ceiling Determination Committee chaired by the Vice Chairman of the National Planning Commission has set a budget ceiling of Rs. 1800 billion for the next fiscal year.
Section 7 of the Fiscal Procedures and Financial Accountability Act stipulates that resource estimates and expenditure limits should be determined.
The Act stipulates that the Planning Commission, in coordination with the Ministry of Finance, should forecast the resources available and the expenses that can be incurred in the next three years for the purpose of formulating the medium-term expenditure structure and the budget and program for the next financial year by the end of Magh of the current year.
Yamlal Bhusal, the spokesperson of the commission, informed that while estimating the medium-term expenditure structure, a limit of Rs. 2100 billion for the fiscal year 2025/26 and Rs. 2400 billion for 2026/27.
The Commission has already sent a medium-term expenditure structure blueprint and budget formulation guidelines to all constitutional bodies, thematic ministries, provincial governments, local levels and entities that are burdened with expenditure from the federal reserve fund.
The committee has also estimated the economic growth rate of the next three financial years while estimating the national resources and determining the expenditure limit.
The target of economic growth has been set at six percent in the coming year, 6.5 percent in the financial year 2025/26 and 7 percent in the financial year 2026/27. #Nepal
