Government adjusts revenue and expenditure estimates for current fiscal year

KATHMANDU: Following a mid-review of the budget, the government has revised its estimates for revenue and expenditure for the current fiscal year 2080/81.

The revised estimates now stand at 87.38 percent of the initially allocated budget, totaling 1530.26 billion rupees.

Finance Minister Dr. Prakasharan Mahat emphasized that this adjustment aims to ensure optimal utilization of funds, with 88.84 percent allocated to current expenditure, 84.13 percent to capital expenditure, and 87.39 percent to financial arrangements, aligning closely with the initial allocations.

By the fiscal year's end, it is projected that 1309.3 billion rupees from revenue and domestic loans, 40.12 billion rupees from foreign assistance, and 180.83 billion rupees from foreign loans will be expended.

While acknowledging the government's efforts to stimulate economic growth, Finance Minister Dr. Mahat acknowledged persistent challenges, including low revenue collection and suboptimal budget expenditure. Despite improvements in revenue collection compared to the previous year, collections have fallen slightly short of initial targets.

Dr. Mahat underscored the importance of continued efforts to enhance revenue collection and improve budget execution efficiency, emphasizing the government's commitment to prudent fiscal management and sustainable economic development.