Budget mid-year assessment reveals national fiscal deficit


January 15, 2024


Budget mid-year assessment reveals national fiscal deficit

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KATHMANDU: The government expenditures in the first half of the current fiscal year 2080-81 BS (2023-24) exceeded the income.

Till mid-January, the nation suffered a budget deficit worth Rs. 48.46 billion.

According to the data from the Office of the Auditor General, in the half-yearly review period, the revenue collections met 35.19 percent of the annual target, while expenditures have reached 32.35 percent.

In the current fiscal year, the government estimated to collect the revenue amounting to Rs. 1472 billion while the collections till mid-January are calculated at Rs. 518 billion and this makes 35.19 percent of the target.

Towards the tax revenue, the collections amounted to Rs. 443.05 billion, making the 33.98 percent of the target. Similarly, towards the non-taxation collection, the revenue is of 45.23 percent of the target or is Rs. 52.094 billion.

A target was set to take foreign grants totaling Rs. 49 billion and 943 million in the current fiscal year and 5 percent of this amount or Rs. 2 billion and 758 million foreign grant has been received so far.

Out of the total budget of Rs. 1 trillion 751 billion 312 million and 100 thousand annual budget for the current fiscal year, Rs. 566 billion 621 million and 300 thousand has been spent until January 14. This amount of expenditure is equivalent to 32.35 per cent of the annual goal.

Out of the total budget of Rs. 1 trillion 141 billion 784 million and 100 thousand allocated under the current heading, 38.31 percent or Rs. 437 billion 381 million and 200 thousand has been spent so far.

Similarly, of the Rs. 302 billion 74 million and 400 thousand allocated towards the capital expenditure heading, 16.3 percent or Rs. 49 billion 235 million and 800 thousand has been spent.

Out of the Rs. 307 billion 453 million and 600 thousand budget allocated towards the financial management heading, 26.2 percent or Rs. 80 billion 4 million and 300 thousand has been spent.