Koshi province assembly approves budget for FY 2024/25

BIRATNAGAR, June 22: The Koshi provincial assembly has approved the budget for the upcoming fiscal year 2024/25. The budget was presented in the provincial assembly by the provincial government on June 15. The budget was passed by a majority of provincial assembly members in a meeting held on Saturday.

The approved budget amounts to Rs 35.279 billion. Of this, Rs 14.47 billion has been allocated for current expenses, while Rs 16.20 billion has been earmarked for capital expenditures. Additionally, Rs 2 million has been allocated for financial management, and Rs 4.58 billion has been set aside for financial transfers to the local level. The budget mentions that Rs 3 billion has been allocated to cover the repayment of federal grants from current expenditures.

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The budget also includes provisions for collecting internal revenue amounting to Rs 4.98 billion, revenue from foreign grants totaling Rs 12.40 billion, financial equalization grants received from the federal government amounting to Rs 8.94 billion, revenue support of Rs 4.16 billion, supplementary grants of Rs 655 million, and special grants of Rs 781 million.