Around Rs 1.72 trillion budget in offing for 2022-23 fiscal year

KATHMANDU: The government is preparing to bring an annual budget of around Rs 1.72 trillion for the next fiscal year 2022-23.

As mandated by the Constitution, the government will table the budget for upcoming fiscal year at the Parliament on May 29. Sources at the Ministry of Finance informed that the government plans to allocate almost Rs 1.049 trillion for recurrent expenditure, around Rs 450 billion for capital expenditure and Rs 217 billion for financing.

Of the total planned budget, the Ministry plans to manage 85 percent of the expenditure from revenue mobilization and remaining 12 percent from foreign aid.

Amid resource pressure, the government has been advised not to bring a large-sized budget by stakeholders.

Meanwhile, the government has already presented its principles and priorities in budget in the Parliament. Finance Minister Janardan Sharma presented it at the Parliamentary meeting last week.

Presenting the bill, Minister Sharma said that the economy is recovering well after the control of the pandemic. “Plummeting domestic production and rising imports are the challenges of the current economy. The budget for next fiscal year will focus on reducing imports,” he said.

Sharma also said that the budget for the coming fiscal year would be socialism-oriented and focused on economic transformation.

As per him, more budget will be spent for the construction of local infrastructure. Sharma also mentioned that the share of internal revenue in the total revenue will be increased in the next fiscal year.