•      Mon Sep 25 2023

Government unveils NRs. 1.75 trillion budget for FY 2023/24 (full text)

Kathmandu, May 29: The government has presented a budget of Rs 1.75 trillion for the next financial year 2023/24 beginning from coming July 15. Out of the total allocation, Rs 1.14 trillion or 65.20 percent is for current, Rs 3.02 trillion for capital or 17.25 percent, and Rs 3.07 trillion for financial management or 17.55 percent.

This expenditure estimate is 2.37 percent less than the allocation of the current financial year and 16.37 percent more than the revised estimate.

In the total allocation, around Rs. 400 billion has been allocated for financial transfer to the provincial and local levels.

Among the sources of expenditure estimated, Rs. 1248 billion will be collected from revenue mobilization. The net shortfall of Rs. 452 billion in revenue mobilization will be covered by internal debt and foreign aid.  The government expects to receive Rs. 212 billion from foreign loan and Rs. 240 billion from internal debt.

The National Planning Commission had given a budget ceiling of Rs 1688 billion. Finance Minister Dr. Prakash Sharan Mahat has brought a budget of Rs 63 billion more than that of the Planning Commission.

To maintain prosperity, the budget will also be focused on building a digital and green economy. Dr Mahat said that he took the priorities of the allocation bill as a suggestion to make the best use of resources. According to Finance Minister Dr. Mahat, the budget has come to address the suggestions and public expectations of the private sector and to communicate hope.

The government has prepared the budget for the financial year 2023/24 with the slogan of the second phase of economic reforms and structural changes in the economy.

budget speech 2023-24