Govt sets Rs 1.8 trillion budget ceiling for FY 2024/25

Published On: February 16, 2024 05:25 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Feb 16: The Ministry of Finance has announced an ambitious budget ceiling of Rs 1.8 trillion for the next fiscal year 2024/25.

The resource committee, headed by Min Bahadur Shrestha, Vice Chairman of the National Planning Commission (NPC), has crafted this budget ceiling.

The government has committed to use this figure as the foundation for preparing the comprehensive budget for the upcoming fiscal year, said Minister for Finance, Dr Prakash Sharan Mahat, at a press conference on Friday morning.

For the current fiscal year 2023/24, the allocated budget of Rs 1.751 trillion was downsized by 12.62 percent to Rs 1.530 trillion through the mid-term review of the budget on 12 February.

Addressing concerns about potential budget cuts during the half-yearly budget review, Minister Mahat said that the focus has been on assessing target achievability.

He reassured the public that despite ongoing evaluations, there have been no reductions in the budget, highlighting the government’s commitment to sustaining financial stability and fostering economic growth.