Himal Press 
KATHMANDU: The government has proposed to spend Rs 1,860.31 billion in the upcoming fiscal year.
Presenting the budget for the fiscal year 2024/25 in a joint session of the federal parliament on Tuesday, Minister for Finance Barsha Man Pun allocated Rs 1,140.66 billion for recurrent expenditure and Rs 352.35 billion for capital expenditure. Likewise, Rs 367.18 billion has been allocated for financial management, which is more than the development budget allocated for the next fiscal year.
Financial management refers to the repayment of domestic and international debt as well as accrued interest.
To finance its expenditure, the government has estimated to raise Rs 1,260.30 billion from revenue and arrange Rs 52.33 billion from foreign grants. Likewise, the government has said that it intends to raise Rs 217 billion in foreign loans and Rs 330 billion in domestic loans.
The government initially presented a budget of Rs 1,751 billion for the current fiscal year on May 28 last year. It, however, was downsized by 12.62% to Rs 1,530 billion.
6% Growth Target
The government has targeted a 6% growth rate in the upcoming fiscal year. Likewise, it has said that it intends to contain inflation at 5.3%.
Although the government targeted a 6% growth rate for the current fiscal year, the National Statistics Office has estimated that the economy will grow by only 3.9% in the current fiscal year.
