Gandaki Province government has submitted an income-expenditure statement (budget) of 33 billion 427 million 200 thousand rupees for the financial year 2023/24.
This is less than the budget of the current fiscal year. The provincial government had brought a budget of 35 billion 909 million for the current financial year.
The budget of the province government has shrunk due to the decrease in subsidies received from the federal government under various titles and the lack of increase in internal revenue.
Unveiling the budget on Friday, Gandaki Finance Minister Jit Bahadur Ale Magar, allocated 12 billion 136 million 738 thousand rupees (38.1%) of the total budget for current expenditure.
Similarly, 20 billion 194 million 62 thousand rupees (60.4%) has been allocated for capital expenditures and Rs 500 million (1.5%) has been allocated for financial arrangements.
As for the source of budget, Rs 7 billion 622 million 500 thousand will be received in equalization from the federal government, 9 billion 53 million 200 thousand from revenue distribution, 400 million 816 thousand from royalty distribution, 4 billion 941 million 500 thousand million from conditional grant, and 740 million will be received from special grant.
Similarly, the government has estimated that it will receive 5 billion 169 million 194 thousand from internal sources.
The government has announced that about 3 billion rupees will not be spent in the current fiscal year and the remaining 1.7 billion rupees will be collected through internal loan.
The government has estimated that the expenditure on the reserve fund will be 175 million in the coming year.
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