KATHMANDU: Finance Minister Bishnu Paudel on Saturday presented the annual budget of Rs 1.049 trillion for the fiscal year 2016/17, which is 28 per cent more than the budget of current fiscal.

Of the total budget, Rs 617.16 billion would be spent under the category of recurrent expenditure. Likewise, Rs 311.94 billion and Rs 119.81 billion would be spent under capital expenditure and financial provisions respectively.

Among the sources of the income, revenue cover almost 54 per cent of the share (Rs 565.89 billion) followed by foreign loans (approximately 19%), foreign grants (approximately 11%), domestic loans (approximately 11%), savings (approximately 6%) and principal repayment (approximately 1%).

Earlier, the National Planning Commission had capped the budget ceiling at Rs 908 billion. The approach paper for the 14th plan, recently prepared by the NPC, had estimated the next fiscal budget to be at Rs 978.10 billion.

The budget has aimed to scale up the economic growth rate upto 6.5 per cent.

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Finance Minister presents budget for FY 2016/17 at Parliament