The government has presented an annual budget of Rs 1.751 trillion for the fiscal year 2023/24. Of the total budget, Rs 1.141 trillion (65.20 percent) is recurrent expenditure and Rs 302 billion (17.25 percent) has been allocated for the capital expenditure. Similarly, Rs 307 billion has been allocated for financial management. Presenting the budget at a joint session of the federal parliament on Monday, Finance Minister Prakash Sharan Mahat said that the new budget has prioritized achieving higher economic growth and dynamic, broad-based, sustainable, and inclusive economy ensuring a guarantee of security and justice.
In light of the existing economic challenges, the government has formulated the budget for the fiscal year 2023/24 under the theme "the second phase of economic reform and structural change of the economy." Finance Minister Mahat acknowledged the economic downturn and emphasized the importance of implementing measures to stimulate growth. Last year, Nepal's economic growth rate was estimated to be 5.8 percent. However, due to the current economic challenges, this year's growth rate is expected to be only 2.16 percent, which is a significant decline.
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The Kathmandu Post
Missed Out on the Budget - Watch it Now!
Listen to the Budget directly from Honorable finance minister, Dr. Prakash Sharan Mahat