Nepal’s government present budget of Rs 517.24 billion for fiscal year 2013/014

KATHMANDU: Nepal’s finance minister on Sunday announced a full budget of Rs 517.24 billion for the fiscal year 2013/014. Finance Minister Shankar Prasad Koirala presented the budget in the National Planning Commission at Singha Durbar. 

Of the total budget, Rs. 385 billion has been allocated for current expenditures and Rs. 85.1 billion for capital expenditure.

Reading out the budget, Finance Minister Koirala said the government has allocated Rs. 241 billion 580 million for development-construction works and Rs. 275 billion 660 million for general expenditures.

The government targets to meet the budget expenses through the collection of Rs. 354 billion and 500 million through revenue sources, Rs. 5.5 billion from return of principle returns and Rs. 69.54 billion from foreign donation. Likewise, the deficit would be met through foreign loan worth Rs. 43.7 billion and domestic loan worth Rs. 44 billion.

As per the budget statement, Rs. 16 billion has been allocated for the CA polls scheduled to be held on November 19.

The government has also increased the salaries of the government employees and security personnel by 18 per cent. In addition, they will receive a monthly allowance of Rs 1,000.

The budget for F/Y 2013/14 also estimates an economic growth rate of 5.5 per cent while limiting the inflation rate to 8 per cent.

Also present on the occasion were Heads of the constitutional bodies, chiefs of the security agencies, leaders of the major four political forces, government secretaries and other officials, and the businessmen and industrialists, as well as media persons to cover the event.

Likewise, the government has allocated Rs 16 billion for holding the upcoming Constituent Assembly (CA) election.

The Government has increased the salary scale of all civil servants including army and police personnel and teachers by 18 per cent with effect from new fiscal year 2013/14.

According to the budget estimates for 2013/14 presented by Finance Minister Shanker Koirala today, along with the 18 per cent rise in basic salary the civil servants will also get an allowance of Rs. 1,000 per month.