KATHMANDU: Despite the presence of numerous universities and educational institutions within the country, a significant amount of money continues to flow abroad for education.
According to Nepal Rastra Bank, expenditure on education in the first four months of the current fiscal year reached Rs 42.96 billion.
In the same period of the previous fiscal year, education-related spending stood at Rs 32.22 billion. This indicates an increase of nearly Rs 10 billion in overseas education expenditure during the first four months of the current fiscal year.
During the review period, travel expenditure under the services account rose by 16.4 percent to Rs 64.59 billion, compared to Rs 55.49 billion in the corresponding period last year.
Meanwhile, travel income under the services account increased by 8.1 percent to Rs 19.19 billion, up from Rs 17.76 billion in the same period of the previous year. As a result, net services income recorded a deficit of Rs 32.68 billion during the review period, widening from a deficit of Rs 23.10 billion a year earlier.
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