The government on Friday has unveiled an inflated budget of Rs. 236.15 billion for the fiscal year 2065/66.
Delivering the revenue & expenditure to Legislature-Parliament, Finance Minister Dr. Babu Ram Bhattarai said, "This expenditure estimate is higher by 39.7 percent against the total allocation of Fiscal Year 2064/65 and by 44.5 percent than the revised expenditure."
Out of the total expenditure, Dr Bhattarai has proposed Rs.111 billion 824.9 million (47.38 percent) for general administration and Rs. 124 billion 199 million (52.62 percent) for development related programs.
Out of the estimated sources of financing of current year, Rs. 129 billion 215 million will be borne from current source of revenue. Out of the total foreign assistance of Rs. 65 billion 793.8 million, Rs. 47 billion 93.2 million will be borne by foreign grant, and Rs. 18 billion 700.6 million by foreign loan. There will be a deficit of Rs. 41 billion 11.6 million even by mobilizing both the sources.
On the recurrent expenditure side, it is increased by 40.6 percent and on the capital expenditure side by 64.5 percent to the revised expenditure. The principal payment is lowered by 1 percent against the revised expenditure.
Out of the total expenditure, recurrent expenditure is estimated as Rs. 128 billion 516.5 million, capital expenditure Rs. 91 billion 311 million and principal payment Rs. 16 billion 189.3 million.
Addressing the Legislature-Parliament at the Constituent Assembly Dr. Bhattarai has also indtroduced a number of popular programmes such as Hamro Gaun Ramro Banau (Make our Village Better and Beautiful), Nepal Tourism Year 2011, New Nepal, Learned Nepal and New Nepal, Healthy Nepal and so on.
BUDGET 2008/09 HIGHLIGHTS
>> Civil servants’ salary hiked by Rs 2000 of all classes.
>> VDC grant from 1.5 million to Rs. 3.0 million depending on population, cost and geographical area
>> Rs 1.5 billion for the kin of all those who lost their lives or and were made disappeared during the armed conflict.
>> Rs 50 million for residential schools operated by Martyrs’ Academy in five development regions
>> Rs 12 million for Sahajiwan (living together) settlement to those families that were internally been displaced due to armed conflict
>> Rs 20 million for herbs collection facilitation centres at Jumla Banke and Salyan
>> Rs 20 million for Ram Vrikhsa Yadav Memorial Centre at Janakpur Hospital and Suresh Wagle Memorial cancer centre at TU Teaching Hospital in Kathmandu
>> Allocation of Rs. 200 million for new International Airport at Nijgarh, Bara and construction of Regional Airports at Pokhara and Bhairawa.
>> Rs 350 million for the construction of Puspa Lal Lok Marg (people’s road), connecting Chiyabhanjyang of Panchthar District in eastern region to Jhulaghat and Baitadi in western region.
Sectoral budget allocations
>> Rs 38.98 billion for education
>> Rs 15.58 billion for health
>> Rs 12.69 billion for electricity
>> Rs 13.91 billion for roads
>> Rs 20.42 billion local development
>> Rs 1.28 billion for youth, sports and culture
>> Rs 5.90 billion for agriculture
>> Rs 5.80 billion for irrigation
>> Rs 1.52 billion for industry
>> Rs 7.99 billion for drinking water
>> Rs 397 million for tourism
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