Budget Ceiling Set at NPR 1.89 Trillion for Fiscal Year 2083/84

Kathmandu. The budget ceiling for the upcoming fiscal year 2083/84 has been set at NPR 1.89 trillion. Finance Ministry Secretary Ghanashyam Upadhyay provided this information in the Finance Committee meeting held on Tuesday.

Secretary Upadhyay stated that this ceiling was determined by the National Resource Estimation Committee, considering the resource and expenditure needs for the upcoming year. He added that the ceiling of NPR 1.89 trillion has been sent to various ministries and bodies for budget preparation.

'All ministries have entered their plans and details into the Ministry-wise Budget Information System,' he said. 'Currently, the Finance Ministry is holding separate discussions with each ministry regarding budget priorities, cutting unnecessary expenses, and incomplete projects.'

Preparations for the upcoming budget are underway even as the expenditure and revenue situation of the current fiscal year remains weak. According to the details presented by Secretary Upadhyay, capital expenditure so far this current year is only 26 percent, and revenue collection has reached only 60 percent (NPR 886 billion) of the target.

He stated that the ministry is focused on how to make the upcoming budget result-oriented in such a challenging situation. The government's strategy for the upcoming budget is to complete old and incomplete projects rather than new ones and to focus on productive sectors.

Finance Secretary Upadhyay also informed that the ministry has abolished 39 unnecessary structures and more than 300 positions for expenditure reduction.

He further mentioned that 15 irrelevant laws are in the process of being repealed and that financial discipline will be further tightened through the upcoming budget.