KATHMANDU: Minister for Finance Dr Yubaraj Khatiwada has said that the size of the current fiscal year budget has been reduced to Rs 1 trillion 385 billion and 963 million as only 90.4 percent of the total budget has been estimated to be spent.

Speaking at a program in Kathmandu, Finance Minister Khatiwada said that the budget has been ‘resized’ saying that chances of spending the total allocated amount look slim.

It should be noted that the government had earlier issued the annual budget of Rs 1 trillion 532 billion and 967 million.

Meanwhile, a total of Rs 904.46 billion budget has been estimated to be utilized under the recurrent expenditure. Likewise, the capital expenditure is expected to be Rs 326.81. Similarly, some Rs 154.69 is likely to be spent for financial management.

The government now expects to mobilize Rs 1.132 trillion in revenue and domestic loans.

It has also aimed to secure Rs 43.554 billion in foreign grants. The government has also decided to raise Rs. 2.09 as foreign debt in a bid to finance the deficit in the budget

According to the Minister, 27.6 percent of the total allocated budget, has been spent so far.

According to him, the trade deficit has reduced by 6.1 percent in the last six months.