Kathmandu: Finance Minister Yubaraj Khatiwada presented a budget of Rs 1,474.64 billion for the Fiscal Year 2020/2021 before the joint session of the House of Representatives and National Assembly on Thursday.
The budget mainly focuses on reviving the ailing economy due to COVID-19 pandemic.
Priority has been given to health sector in the new budget which is estimated to be Rs 90.69 billion for the fiscal year.
Government aims to utilize Rs 948.94 billion as recurrent expenditure. Likewise, Rs 352.91 billion and Rs 172.79 billion have been earmarked for capital expenditure and financing provision, respectively.
Similarly, the government has aimed at revenue collection target of Rs 889.62 billion. Likewise, the government will seek foreign grants and loans of Rs 60.52 billion and Rs 299.5 billion, respectively. Domestic loans amounting Rs 225 billion is expected to balance the expenditures and sources of the budget.
The budget size has been reduced by 3.8 percent and the economic growth in the upcoming fiscal has been projected at 7 percent.
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