Published: Sunday - 2nd August, 2015
The Government of Nepal promulgated budget for the fiscal year 2072/2073 on 7/14/2015. This year the Government has allocated a total of Rs819.46 bn for the budget which is 33% more than the figure from FY71/72 and 58% more than the figure from FY70/71.The main reason behind such a huge jump on the figure this year is due to allocation for reconstruction and rehabilitation work – which is around Rs74 bn. If we take this component out of the budget for this year, the overall budget increment is around 20%.The Government has set aside an aggressive goal for economic growth of 6% which is the same goal which it had set last year. However, Nepalese economy grew only by 3.04% last year as it was severely impacted by the Gorkha earthquake and its subsequent aftershocks. Given the damage caused by the earthquakes, it will be seemingly impossible for the Government to meet the growth rate of 6%.
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