Kathmandu, Nepal, May 29, 2019: The budget for the upcoming fiscal year 2019/20 is being presented today. Minister for Finance, Yuba Raj Khatiwada is going to present the budget of over Rs 1.6 trillion at the joint session of the federal parliament at New Baneshowr on Wednesday.
As of the slogans and election manifesto distributed during the elections by the head of the incumbent government- Nepal Communist Party (NCP), the budget of the upcoming fiscal year is made of a distributive and populist nature even going against the interest of finance minister Khatiwada.
The government has increased in the social security allowance, increment in salary of government employees and allocation of funds to parliamentarians for development work, thanks to the growing pressure from the leaders of the government head NCP.
The budget of the upcoming fiscal year has failed to introduce any new notable development project but given continuity to the ongoing development projects and programs, states an official at the finance ministry preferring anonymity.
The government has raised the ceiling of the total budget from Rs 1,493 billion to Rs 1,577 billion, thanks to the distributive and populist nature of the budget. The budget size of the upcoming fiscal year was increased at the last hour.
Budgetary statistics indicates that only 56.83 percent budget of the current fiscal year is spent until the end of the May, 2019. As out of the Rs 313.99 billion allocated for capital expenditure, only 43.56 percent is spent.