First Business News Portal in English from Nepal
KATHMANDU: The National Planning Commission (NPC) is currently under discussion to finalize the budget ceiling for the upcoming fiscal year 2021-22.
The Ministry of Finance drafts the budget based on ceiling recommended by NPC. However, the budget ceiling determination process from NPC this year has been delayed slightly due to different factors including the COVID-19 pandemic. As the result, budget preparation works at the Ministry of Finance (MoF) is yet to take pace.
Sources at NPC said that the budget ceiling for FY 2021-2022 will likely be around 1.8 trillion. The budget for ongoing fiscal year was Rs 1.52 trillion which was later revised down by the government.
Officials at the Ministry of Finance said that size of the budget for next fiscal year might increase go a bit up compared to 2020-21 budget as the current state of Nepal’s economy, gross domestic product, revenue collection, foreign loans and commitments on grants could grow by about 5 to 10 percent.
Chief of the Budget and Programs Division at the Ministry of Finance, Dhaniram Sharma, said that the budget for the upcoming fiscal year will be prepared in line with the medium-term expenditure structure.
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