Kathmandu, May 29 (RSS): The federal government has unveiled the budget of Rs 1.315 trillion for the fiscal year 2018/19 at the federal parliament today.
Unveiling the budget Finance Minister Dr Yuba Raj Khatiwada informed that of the total budget, Rs 845 billion would be spent under the current expenditure, while Rs 313 billion under the capital expenditure.
In order to manage the annual expense, the revenue sources would account for 831 billion, while the foreign aid to account Rs 58.81 billion.
Government announced new budget for fiscal year 2075/2076
Find Full Information of the Budget here
Govt sets target to attract two million tourists within 2020
Kathmandu, May 29 (RSS): The government has set a target to develop tourism-friendly infrastructures with an objective of attracting two million tourists within 2020.
The budget for the fiscal year 2018/19 presented by Finance Minister Dr Yubraj Khatiwada at today's meeting of Federal Parliament mentioned to promote domestic tourism, adding that the government would forward development of necessary infrastructures and programmes to attract tourists adopting the policy, 'Visit country first, then abroad'.
The budget has also made necessary arrangement to run tourism business round the year, attracting the tourists from neighbouring countries India and China. Nepal Academy of Tourists and Hotel Management would be developed as Tourism University and necessary process in this regard forwarded for the same.
The budget also set a target to make mountaineering safer and systematic and the government has allocated Rs 5.20 billion for the development and promotion of tourism sector. Similarly, the government has allocated Rs 19.35 billion for the development of aviation sector. Initiating construction of Nijgadh Airport, starting the service after concluding the construction works of under construction Gautam Buddha Airport and Pokhara Regional Airport are other priorities. Likewise, the budget has aimed at upgrading Tribhuvan International Airport and domestic airports
Budget sets economic growth rate of 8%
Kathmandu, May 29 (RSS): The government has targeted to achieve eight percent of economic growth rate in the upcoming fiscal year.
Announcing the budget for the new fiscal year 2075/076 BS in the joint meeting of the Federal Parliaments today, Finance Minister Dr Yubraj Khatiwada set the ambitious target of eight percent of economic growth rate.
Likewise, this year's economic growth rate is amended to 5.9 per cent against the target of 7.2 per cent made while announcing the budget last year. The nation had achieved economic growth rate of 6.9 per cent in the fiscal year 2073/074 BS. Similarly, the government has targeted to tap the inflation in five percent.
Infrastructure linking provinces with international trade checkpoint on priority
Kathmandu, May 29 (RSS): The government has earmarked budget for the development of infrastructure to connect all seven provinces with an international trade transit point.
The budget for the fiscal 2018-19 unveiled at the parliament today has laid emphasis on completing the construction of fast track, mid-hill highway and postal highway.
Rs 500 million has been appropriated for the construction of roads through Chure and interior Madesh. Likewise, Kimathanka-Rani road section and Rasuwagadhi-Galchhi-Thori road section are to be completed.
The under construction Kaligandaki corridor is to be expanded to southern border at Triveni from northern border Korala. Similarly, budget has been allocated for the construction and up-gradation of Seti Highway, Gamgadi Nagma, Simikot Hilsa and and Dunai Marimlapas road section, expansion of Karnali Highway linking northern border via Dolpa, Mugu and Humla.
The government has earmarked a budget of Rs 3.53 billion for Terai-Madhes Infrastructure Special Programme in the southern area laggard from the infrastructure development perspective.
The construction of a tunnel expressway will begin this year on the Thankot-Naubise road section along Prithvi Highway. The government has also announced the construction of Tokha-Khahare-Ghurjubhanjyang tunnel way. Budget has been allocated for importing necessary technology for the tunnel construction.
Through the budget, the government has envisaged the construction of Infrastructure Development and Consultancy Company. Likewise, the government has allotted a budget of Rs 5.24 billion for the beautification of highway in tourism sites. The budget for the Road Board has increased to Rs 5.5 billion.
Over Rs 109 billion has been set for the development and expansion of transport infrastructure. The under construction bridges would be completed and handed to the province governments.
The budget speech has noted that feasibility study for waterways would be undertaken in the Koshi, Gandaki and Karnali rivers. The government has also pledged to carry out feasibility study for the operation of cable car, metro rail and mono rail in the Kathmandu Valley.
A comprehensive project proposal would be prepared by undertaking feasibility study of Mechi-Mahakali railway and Mechi-Mahakali Kathmandu link road, stated a budget speech.
Budget to adopt zero tolerance on corruption
Kathmandu, May 29 (RSS): The government is to adopt zero tolerance policy on corruption. It is stated in the government-unveiled budget for the coming fiscal year that the coordination and monitoring of the international and national Non-Government Organizations (NGOs) activities would be made effective.
The budget has specified that the report containing NGO-mobilized financial cooperation, programme implemented and outcomes achieved should be mandatorily submitted to the authority concerned and subsequently disclosed.
In order to end the corruption promoting activities, the Finance Minister has pledged to bring into book those involved in corruption and enable environment for irregularities.
The best practices taking place in the field of information technology would be replicated in public service delivery in coming days, the Finance Minister said, adding that the standard indicators would be prepared in the delivery of all types of services.
Finance Minister Dr Yubaraj Khatiwada said that the fiscal discipline would be strictly maintained and international cooperation would be increased to check money laundering and organized crimes.
"The Public Enterprises Operation and Management Act would be introduced to enable public enterprises", he added.
Budget practical-PM Oli
Kathmandu, May 29 (RSS): Prime Minister KP Sharma Oli has said the Executive Budget Proposal presented at the parliament today has come in a way to support the campaign of 'Prosperous Nepal, Happy Nepali'.
Talking to journalists after a joint meeting of the parliament today, he said, "The budget has been introduced in keeping with practical measures. It would lay foundation for prosperous Nepal".
On a query on measures to attain tax targets, he said the tax net would be widened to meet revenue targets.
While responding to another query on old age allowance, PM Oli further clarified that the incumbent government did not make new populist decision.
Budget difficult to implement, Deuba says
Kathmandu, May 29 (RSS): President of the opposition Nepali Congress (NC) Sher Bahadur Deuba has claimed that the budget tabled by the government was difficult to implement. In his initial comment on the budget unveiled by the government Tuesday, Deuba said imposing burden of tax does not ensure growth in productivity.
Likewise, NC lawmaker Dr Minendra Rijal said the budget was like a daydream for him and added that the size of the budget was large while amalgamating the portions of all level of governments. He also said that clear roadmap on revenue collection was not observed.
He also said that the foreign assistance and loan is also not likely to come as announced in the budget. Similarly, NC lawmaker Gagan Thapa said that the budget has not created wave against the expectations of the people and nor has taken any risk.
Budget in favour of nation and people-Chair Prachanda
Kathmandu, May 29 (RSS): Communist Party of Nepal (CNP) Chairperson Pushpa Kamal Dahal 'Prachanda' said the government budget is in favour of the nation and people.
Talking to journalists following today's joint meeting of the federal parliament, Chairperson Dahal further said comprehensive comments would be rendered during the discussion on the budget.
Cyber and Human Trafficking Bureaus to be established
Kathmandu, May 29 (RSS): Cyber Bureau and Human Trafficking Bureau are to be established under Nepal Police in view of changing form of cyber crime and human trafficking.
The budget presented by Finance Minister Dr Yubraj Khatiwada at Federal Parliament on Tuesday mentioned that national identity card distribution programme would be extended in additional 15 districts in coming fiscal year 2018/19 as per the policy to distribute national ID cards to all people within five years.
Likewise, an environment conducive for development and prosperity would be created by making people realize the safety and security, maintaining effective peace and security as well as law and order in the country.
Nepal Army, Nepal Police and Armed Police Force would be made modernized and professional by building capacity, while NA's propgramme 'Bunker to barrack' would be continued.
Similarly, daily subsistence allowance given to prisoners has been increased to Rs 60 from Rs 45. The milk allowance provided to children of prisoners has also been increased to Rs 35 from Rs 10.
