By Our Reporter
Minister for Finance Dr Prakash Sharan Mahat is now busy preparing the budget for the next fiscal year. However, making a budget is a challenging job this time because of the deepening economic crisis in the country along with managing the increased non-productive sector expenditure of the government after introducing a huge federal parliament and seven provinces. He is making the budget when the country has faced a revenue deficit for the first time in history. As of Tuesday, the government collected Rs. 758 billion while the total expenditure was Rs. 1051 billion and of that recurrent expenditure was Rs. 790 billion.
The revenue is short of meeting the recurrent expenditure, which has already prompted the government to cut or transfer the capital budget of various headings.
Keeping this fact in mind, Finance Minister Dr Mahat recently clarified that there was no possibility to roll out an extensive and big-size budget for the fiscal year, 2023/24.
At a programme organised by the Centre for Economic Development and Administration and the National Economic Concern Society Nepal the other day, Minister Dr Mahat explained that it was not possible to introduce a big-size budget due to the limited resources.
In the event was organised to furnish suggestions for the upcoming budget, the Minister said, “The biggest challenge at present is decreased revenue collection. There are limitations to bringing expansive and big size budget,” he added.
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