•      Tue Feb 27 2024
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Government reduces estimate of revenue and expenditure by nearly 14%



Kathmandu, Feb 12: The government has reduced the revenue and expenditure estimates for the current fiscal year 2080/81 after a mid-review of the budget.

For the current financial year, revised estimates is worth 87.38 percent of the initially allocated budget, i.e. 1530.26 billion rupees.

Finance Minister Dr Prakasharan Mahat said that the estimate has been revised so that 88.84 percent will be spent under current expenditure, 84.13 percent under the capital and 87.39 percent on the financial arrangement compared to the initial allocation.

By the end of the current year, it is estimated that Rs.1309.3 billion worth of revenue and domestic loan, Rs. 40.12 billion worth of foreign assistance and Rs. 180.83 billion worth of foreign loan will be spent.

Although the steps taken by the government to improve the economy are gradually showing results, Finance Minister Dr Mahat clarified that the state of low revenue collection and weak budget expenditure is still present. Though the revenue collection has increased compared to last year it is a little less than the initial target. #Nepal