KATHMANDU, MAY 29
In a parliamentary session on Monday, Finance Minister Dr. Prakash Sharan Mahat unveiled the budget for the forthcoming fiscal year 2080/81.
The announcement took place during a joint session of the National Assembly and House of Representatives in the federal parliament.
Addressing the joint session of the federal parliament this evening, Finance Minister Mahat stated that the budget for fiscal year 2080/81 is directed towards prsoperity of the country and poverty eradication.
Finance Minister Mahat stated that the budget has prioritized to decrease the disparity between the rich.
As per Minister Mahats's address the revenue collection in the ongoing fiscal year will decrease by 6 per cent.
The government expects to collect Rs. 11 Kharba 79 Arba and 84 crores by the end of the current fiscal year. The said amount is only 84 per cent of the targeted revenue collection, which is 5.9 per cent less than that of the past fiscal year.
Minister Mahat stated that as the general expenses of the government has increased it has taken a toll on the economy. According to Fin Min Mahat stated that the general spending had reached Rs. 12 Kharba 15 Arba and 80 crores.
As per Minister Mahats's address the revenue collection in the ongoing fiscal year will decrease by 6 per cent.
The government expects to collect Rs. 11 Kharba 79 Arba and 84 crores by the end of the current fiscal year. The said amount is only 84 per cent of the target revenue collection, which is 5.9 per cent less than that of the past fiscal year.
Similarly, Minister Mahat has stated that in FY 2079/80 the government spending is expected to reach Rs. 15 Kharba 4 Arba and 99 crores. In addition, the economic growth rate has is expected to shrink to 2.16 per cent by the end of the ongoing fiscal year contrary to the previous prediction of 5.80 percent.
Similarly, Minister Mahat also stated that almost 20 different institutes and committees have been suspended to maintain frugality in government spending. In the same manner, Min Mahat stated that the government will emphasize on the amalgamation of bodies with similar nature of function.
The constitutional requirement obliges the government to reveal the budget on Jestha 15 each year.
Earlier, on Jestha 05, President Ram Chandra Paudel, the incumbent at the time, had presented the ruling coalition government's policies and programs for the upcoming fiscal year. Typically, the government formulates the budget based on its outlined policies and programs, serving as a blueprint for its planned course of action.
