Nepal government unveils first federal budget

Khadga Prasad Oli. File Pic

The Nepal government has unveiled the first federal budget of Rs 1.31 trillion (Rs 81, 750 crore) for fiscal year 2018-19 at the Federal-Parliament. According to Nepal Finance Minister Yubaraj Khatiwada, the government aims to collect Rs 8 trillion (R49.9 lakh crore) from revenues in the upcoming fiscal year and Rs 202 billion (Rs 12,600 crore) from foreign aid, Kathmandu Post reported.

Nepal's Finance Minister presented the first federal budget of the Himalayan nation after completing the three-tier elections held simultaneously in 2017. The economic growth presumed by Finance Minister is hard to meet without increasing the tax levied on the public, the experts had projected.

Two days before presenting the budget for the upcoming fiscal year, the Finance Minister also stated that the budget deficit of the Himalayan Nation is expected to grow by 10.4 per cent. Though Nepal unveils its budget every year, hardly 50 per cent of the total allocated budget is spent over the title it is less spent and is freeze over.

There is a provision to unveil Nepal's budget for the next fiscal year on May 29.

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