KATHMANDU, May 22: The government is likely to announce an annual budget of Rs 1.723 trillion for the next fiscal year 2022/23, an increase in expenditure by Rs 100 billion.
Of the total budget size to be announced on May 29, the Ministry of Finance (MoF) is mulling over allocating Rs 1.049 trillion for recurrent expenditure, Rs 456 billion for capital expenditure and Rs 217 billion for financial management. The ministry has targeted to manage 85 percent of the total expenditure from revenue mobilization while around 12 percent of it will be fulfilled from foreign assistance, according to an MoF source.
The government has fixed a ceiling of Rs 167.30 billion, the largest of all, for the Ministry of Physical Infrastructure and Transport. In the next year's budget, it has been proposed to cut the size of budget for four ministries including the Ministry of Health and Population, the Ministry of Culture, Tourism and Civil Aviation, the Ministry of Water Supply and the Ministry of Industry, Commerce and Supplies.
For the current fiscal year, the government had allocated a budget Rs 1.632 trillion, which was revised to Rs 1.546 trillion through the mid-term budget review.