Kathmandu, May 29: Finance Minister Dr Yubaraj Khatiwada has presented the budget statement for the upcoming fiscal year 2019/20 in the joint meeting of the federal parliament today. As per the budget statement, the government has present a budget of 1 trillion 532 billion 969.1 million rupees.
The budget has estimated 957. 1 billion rupees current expenditure, 408 billion rupees capital expenditure and 167 billion rupees for financial management within the upcoming fiscal year.
The government has estimated to collect the revenue of 981.13 billion rupees and raise 57.99 billion rupees from foreign grants, take 298.83 billion rupees foreign loan and raise 1.95 billion rupees internal loan.
Presenting the budget for the new fiscal year, Finance Minister Dr Yubraj Khatiwada said that the government has brought forth socialism oriented budget and implementation of the budget will ensure the prosperity of the country.
Finance Minister Khatiwada speaking on the occasion said Nepal has been a destination for foreign investment and a foundation for double-digit economic growth has been prepared.
Claiming that the financial indicators are positive, he said in the current fiscal year the economic growth will remain at 7% and inflation remains at 4.5 %. Meantime the new budget envisions 8.5% economic growth.
He said that within the upcoming fiscal year 70 out of 77 districts will be declared fully literate,. 300 school building will be constructed, and an additional scholarship programme will be managed for the students of marginalized and martyrs’ families.
Social security allowance for senior citizens has been made 3 thousand rupees per month adding one thousand in the existing one. The budget also states that Senior Citizen Service and Friendship Centres will be operated at every local level through collaboration among the federal, provincial and local levels and private sector so as to facilitate the handover of the knowledge and skills that the senior citizens have to the next generation.
Finance Minister also announced an increment by 20 per cent in the basic salary of the non-gazetted and 18 per cent of the gazetted civil servants.
For the upcoming fiscal year, the government has allocated 163 billion rupees for education, 68.78 billion rupees for health, 141 billion rupees for reconstruction, 43.46 billion for drinking water and sanitation, 5 billion rupees for PM employment programme, 64.5 billion rupees for social security and 1.74 billion rupees for labour and employment.
Likewise, the government has allocated 34.8 billion rupees for agriculture and livestock development, 89.83 billion rupees for the energy sector, 163 billion rupees has been allocated for infrastructure development, 15.85 billion rupees for the civil aviation sector, 3.99 billion rupees for sports sector and 11.74 billion rupees for industries and commerce sector.