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House passes budget

Setopati

Setopati

Kathmandu, June 10

The House of Representatives (HoR) on Wednesday has passed the budget (appropriation bill) on the basis of majority.

The bill presented for decision by Speaker Agni Sapkota has been passed on the basis of majority. Proposals for slashing expenditure by many lawmakers have also been rejected by the majority.

Prime Minister (PM) KP Sharma Oli earlier answered questions raised by lawmakers about the budget.

Finance Minister Yuba Raj Khatiwada on May 28 had presented a budget of Rs 1.474 trillion for the fiscal year 2077/78. It was Rs 1.532 trillion for the fiscal year 2076/77.

He allocated Rs 948 billion (64%) for recurrent expenditure, Rs 352.91 billion (23.9%) for capital expenditure, and Rs 172.79 billion (11.7%) for debt financing.

The budget plans to generate Rs 889.62 billion through revenues, Rs 60.52 billion through foreign grant and generate the remaining amount through foreign loans (Rs 299.50 billion) and domestic borrowing (Rs 225 billion).

Published Date: 2020-06-10 15:21:00

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