May 29, 2017 01:00 AM NPT
KATHMANDU, May 29: The government is presenting budget for Fiscal Year 2017/18 in the parliament on Monday.
Along with unveiling the government's annual income and expenditure plan, Minister for Finance Krishna Bahadur will allocate resources for the newly formed 744 local units as well for reconstruction works.
The budget ceiling has been set at Rs 1205 billion.
Changing the existing tradition of selecting development projects from the center, 744 local governments will select projects and implement them from a basket of funds provided by the central government. The budget allocated for the local units, through the Ministry of Federal Affairs and Local Development, will at least double to Rs 100 billion.
Likewise, budget allocated for education, infrastructure development, health and agriculture among others will also be sent to local units.
Officials involved in budget formulation process say that each local unit will get least Rs 50 million. Budget for metropolitan cities can go beyond Rs 1 billion.
The budget will also allocate funds for upcoming two elections - provincial and federal election.
The budget has aimed at sustaining the economic growth rate of the current fiscal year by increasing capital expenditure. The national pride projects and other priority projects will receive sizable budgets.