Budget transfer to province and local units on the basis of work progress

KATHMANDU, May 29: The government has announced the budget to be transferred to the province and local levels as grants for the new fiscal year.

According to the budget statement read out by Finance Minister Dr Prakash Sharan Mahat, Rs 146 billion has been allocated as equalization grant while Rs 227 billion has been allocated under conditional grants to the local level and provinces for the next fiscal year.

Similarly, a total of Rs 58.67 billion has been allocated to the province and Rs 87.35 billion to the local level for fiscal equalization grant based on the recommendation of the National Natural Resources and Fiscal Commission.

As a supplementary grant, Rs 6.22 billion has been allocated for the provinces and Rs 7.5 billion to the local level. Under special grant, Rs 4.46 billion has been allocated for the provinces and Rs 8.73 billion to the local level.

Likewise, a total of Rs 173.92 billion will be transferred to the provincial and local levels through revenue sharing. Dr Mahat said that conditional, supplementary and special grants will be transferred only on the basis of work progress.