Government revises budget utilization estimate to Rs 1.530 trillion for current fiscal year

KATHMANDU: The government has revised its budget utilization estimate for the current fiscal year to Rs 1.530 trillion, significantly lower than the initially announced expenditure. Finance Minister Barsha Man Pun presented these revised figures while addressing the Federal Parliament.

Minister Pun detailed the revised estimates, noting that recurrent expenditure is projected to stand at Rs 1.067 trillion. Capital expenditure and financial provisions are estimated at Rs 215.30 billion and Rs 247.55 billion, respectively.

In terms of revenue, the government anticipates mobilizing Rs 1.253 trillion in public revenue by the end of the fiscal year 2023/24. Additionally, grants are expected to amount to Rs 34.34 billion, with foreign loans projected at Rs 145.44 billion. Internal loans are estimated to reach Rs 240 billion.

The revision reflects adjustments made to align with the actual financial performance and resource mobilization capabilities of the government. Despite the reduction, the revised budget aims to ensure effective allocation and utilization of available resources.

This updated financial outlook underscores the government’s efforts to manage expenditures prudently while striving to meet its economic objectives amidst ongoing fiscal challenges. The adjustments also highlight the government’s commitment to maintaining fiscal discipline and ensuring the efficient use of public funds.