The House of Representatives (HoR) will start a discussion today on the budget presented by the government for the upcoming fiscal year 2023/24.
On May 29, Finance Minister Dr. Prakash Saran Mahat unveiled a budget of Rs 1.751 trillion for the fiscal year 2023/24. Minister Mahat will answer the questions regarding the budget raised in the meetings.
The government has planned that Rs 1.141 trillion will be used for recurrent expenditure, Rs 302 billion for capital expenditure and Rs 307 billion allocated for financial management.
According to Mahat, a sum of Rs. 1.24 trillion will be collected as revenue, Rs. 49.9 billion will be received as a foreign grant, Rs. 212.75 billion will be taken as a foreign loan and Rs. 240 billion will be covered from internal loan.
The budget has received mixed reactions from politicians and business people. While some say the budget has many positive sides, others say that the budget doesn’t focus on solving or even addressing the current economic problems.
In the discussion scheduled for three days, some of the provisions of the budget will receive opposing views from the main opposition party CPN-UML and even some lawmakers from the ruling coalition.