KATHMANDU: Finance Minister Dr. Prakash Sharan Mahat is presenting the budget for the upcoming fiscal year 2023/24 in a joint session of the Federal Parliament today.

According to sources within the Finance Ministry, the budget for the next fiscal year is expected to be approximately Rs. 1,688 billion, in accordance with the ceiling set by the National Planning Commission (NPC) earlier in February of this year.

As per the Economic Procedures and Financial Accountability Act-2076, the NPC is required to set the budget ceiling by Magh 15 (end of January) each year.

This provision ensures timely planning and allocation of funds for the upcoming fiscal year.

The budget for the next fiscal year, 2023/24, is expected to be approximately 9 percent larger than the current fiscal year’s budget of Rs. 1549.99 billion.

The adjusted budget size for the current fiscal year was announced at Rs. 1793 billion, reflecting the revised allocation.