KATHMANDU, June 15: All seven provinces of the country are set to unveil their budgets for the fiscal year 2024/25 today.
For the current fiscal year, these provinces collectively introduced a budget totaling Rs 300 billion. Each province's Ministry of Economic Affairs will present their respective budget for the upcoming fiscal year.
103 local bodies without budgets two months into FY 2024/25
For the current fiscal year, Bagmati Province introduced a budget of Rs 62.70 billion. Madhes Province presented a budget of Rs 44.11 billion, Koshi Province Rs 36.24 billion, Lumbini Province Rs 40.48 billion, Gandaki Province Rs 33.43 billion, and Sudurpaschim Province Rs 29.27 billion.
The federal government, based on recommendations from the National Natural Resources and Fiscal Commission (NNRFC), has allocated Rs 60 billion in Fiscal Equalization Grants (FEG) to the provinces. Additionally, Rs 25.84 billion in conditional grants and Rs 6.20 billion in supplementary grants for infrastructure projects will be provided to the provinces.
Constitutionally mandated, provincial budgets are required to be unveiled on June 15, with local level budgets following on June 24.
In related news, Minister for Economic Affairs and Planning Jagannath Thapaliya is scheduled to present Bagmati Province's budget of Rs 60 billion during today's provincial assembly meeting.
