KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.

All seven provinces in Nepal have unveiled their budgets for the fiscal year 2024/25, each reflecting strategic priorities and goals.

Bagmati Province’s Rs 67.54 billion budget focuses on development and infrastructure while maintaining recurring expenditures, indicating ambitions for growth and improved public services.

Lumbini Province allocated Rs 38.97 billion towards infrastructure, agriculture, tourism, education, and health to boost economic growth and quality of life. Gandaki Province’s Rs 32.96 billion budget prioritizes infrastructure, tourism, agriculture, and drinking water for long-term growth and connectivity.

Sudurpaschim Province’s Rs 31.62 billion budget emphasizes infrastructure development to support economic growth and sustainability. Each province aims to balance immediate needs with long-term development goals, with successful outcomes dependent on effective implementation and governance.

Bagmati Province unveils Rs 67.54 billion budget for FY 2024/25

Bagmati Province has unveiled a budget of Rs 67.54 billion for the fiscal year 2024/25.

The budget announcement for Bagmati Province reveals several key financial priorities and a significant increase compared to the previous fiscal year. Here’s a breakdown and analysis of the provided information:

The Rs 67.54 billion budget for Bagmati Province in FY 2024/25 reflects a balanced approach with significant investment in development and infrastructure while ensuring the sustainability of recurring expenditures.

The increase from the previous year highlights the province’s ambitions for growth and improvement in public services. However, the effectiveness of this budget will depend on efficient implementation and transparent governance.

Koshi Province unveils Rs 35.28 billion budget for FY 2024/025

The Koshi province government has introduced a budget of Rs 35.28 billion for the upcoming fiscal year 2081/82 BS. The key focus of the budget is on fostering a ‘clean, happy and prosperous’ province, with a substantial portion of funds allocated to agriculture, infrastructure and urban development, drinking water, irrigation, and energy sectors.

The budget of Rs 35.28 billion for Koshi province in the fiscal year 2081/82 BS reflects a strategic focus on infrastructure, energy, agriculture, and essential services.

With notable economic indicators such as rising per capita income and significant improvements in electricity generation, the province is on a path toward enhanced economic development and improved living standards.

Lumbini Province announces Rs 38.97 billion budget for FY 2024/25

The budget announcement for Lumbini Province provides insights into the province’s fiscal priorities and sectoral focus for the fiscal year 2024/25. Here is a detailed analysis of the provided information:

The Rs 38.97 billion budget for Lumbini Province in FY 2024/25 demonstrates a strategic focus on development and essential services. With significant investments in infrastructure and key sectors such as agriculture, tourism, education, and health, the province aims to foster economic growth and improve the quality of life for its residents.

The balance between capital and recurring expenditures indicates a comprehensive approach to both immediate needs and long-term development goals. The effectiveness of this budget will depend on its implementation and the ability to achieve the outlined priorities.

Gandaki province allocates Rs 32.96 billion for FY 2024/25 budget

The budget announcement for Gandaki Province highlights the province’s fiscal priorities and strategic sectors for the fiscal year 2024/25. Here’s an in-depth analysis of the provided information:

The Rs 32.96 billion budget for Gandaki Province in FY 2024/25 reflects a balanced and strategic allocation of resources aimed at fostering development and improving public services.

The significant investment in infrastructure highlights the province’s commitment to long-term growth and connectivity. Prioritizing sectors such as tourism, agriculture, and drinking water indicates a holistic approach to economic development and social welfare.

The effectiveness of this budget will depend on efficient implementation and the ability to achieve the outlined priorities, ultimately contributing to the overall progress and prosperity of the province.

Sudurpaschim Province unveils Rs 31.62 billion budget

Sudurpaschim Province has unveiled a budget of Rs 31.62 billion for the fiscal year 2024/25.

The budget announcement for Sudurpaschim Province provides insights into the financial priorities and planned expenditures for the fiscal year 2024/25. Here’s a detailed analysis of the provided information:

The Rs 31.62 billion budget for Sudurpaschim Province in FY 2024/25 reflects a strategic allocation of resources aimed at fostering development and maintaining essential services.

With significant investments in capital expenditures, the province is prioritizing infrastructure development, which is vital for economic growth and long-term prosperity.

The balance between recurring and capital expenditures ensures the continuous functioning of government services while also focusing on future development.

NOC lowers fuel prices

The Nepal Oil Corporation (NOC) has decreased fuel prices.

According to the corporation, the price of petrol has been reduced by Rs 3 per liter, and the prices of diesel and kerosene have been reduced by Rs 1 per liter.

The new prices will take effect from midnight on Saturday.

Madhes Province unveils Rs 43.89 billion budget for next fiscal year

The Madhes Province government announced a budget of Rs 43.89 billion for the fiscal year 2081/82. The budget allocation is as follows:

Recurrent Expenses: Rs 16 billion (36.45 percent) has been earmarked. Recurrent expenses typically cover salaries, administrative costs, and other routine expenses.

Capital Expenses: Rs 27.89 billion (63.55 percent) has been allocated. Capital expenses usually cover infrastructure development, investments, and long-term projects. The budget for the upcoming fiscal year is slightly lower by 0.50 percent compared to the current fiscal year.

The budget highlights a focus on key sectors including education, health, agriculture, and tourism, indicating the government’s priorities for development and welfare in these areas.

IT is top priority: Finance Minister Pun

Finance Minister Barshaman Pun has said government had accorded a top priority to policy stability and infrastructural progress for the development and expansion of information technology (IT).

Minister Pun shared that government had brought an ambitious plan through the new budget in order to make a stride in IT. “Government announced a decade of investment in IT, so this sector is given a huge importance. There is a potential of 1.5 million new jobs and export of some Rs 30 billion in 10 years in this area,” he reminded, assuring that government would not change tax policy for five years.

Foreign currency exchange rates

The Nepal Rastra Bank (NRB) announced today’s (Sunday) foreign currency exchange rates, which remain unchanged from yesterday.

The stability in NRB’s foreign currency exchange rates indicates no significant market fluctuations today.

The rates are as follows: 1 US Dollar (buying: NPR 133.40, selling: NPR 134.00), 1 Euro (buying: NPR 142.76, selling: NPR 143.40), 1 British Pound (buying: NPR 169.51, selling: NPR 170.27), 1 Australian Dollar (buying: NPR 88.28, selling: NPR 88.67), 1 Kuwaiti Dinar (buying: NPR 434.92, selling: NPR 436.88), and 1 Bahrain Dinar (buying: NPR 353.91, selling: NPR 355.50). The stability in these rates suggests no significant market fluctuations.

Compiled and prepared by Srija Khanal)

Economic Digest is a daily morning economic digest, basically relatable summations of the most important business news, and happenings from Nepal into easy-to-understand summaries.