Kathmandu, May 13: The government has set a budget ceiling of Rs 18.90 trillion for the upcoming fiscal year 2083/84, officials said.
Finance Secretary Ghanshyam Upadhyay informed a meeting of the parliamentary finance committee on Tuesday that the ceiling was fixed by the National Resource Estimation Committee, based on projected revenue and expenditure needs for the next fiscal year.
According to him, ministries and agencies have already been instructed to prepare their budgets within the Rs 18.90 trillion limit. All ministries have entered their plans and details into the budget management system, and the Ministry of Finance is currently holding separate discussions with them on priorities, unnecessary expenditure cuts, and completion of ongoing projects.
The budget preparation comes at a time when both capital expenditure and revenue collection remain weak in the current fiscal year. So far, capital expenditure has reached only 26 percent, while revenue collection has hit just 60 percent of the target, amounting to Rs 886 billion.
Officials say the government is focusing on making the upcoming budget more result-oriented under these constraints. The strategy prioritizes completing ongoing and incomplete projects rather than launching new ones, along with boosting productive sectors.
The Finance Secretary also informed lawmakers that the government has scrapped 39 unnecessary structures and more than 300 posts as part of expenditure rationalization. In addition, 15 outdated laws are in the process of being repealed, and fiscal discipline is expected to be tightened further in the upcoming budget.
The policy signals a push toward restraint and consolidation, even as revenue pressure and spending inefficiencies continue to challenge public finance management.
People’s News Monitoring Service
Login to add a comment