KATHMANDU: Gandaki Province has announced a budget of Rs 32.99 billion for the upcoming fiscal year.
Provincial Minister for Economic Affairs Jit Bahadur Sherchan presented the budget in the Provincial Assembly on Monday.
Of the total allocation, Rs 12.72 billion, or 38.56 percent, has been allocated for recurrent expenditure, while Rs 20.02 billion, or 60.68 percent, has been set aside for capital expenditure. An additional Rs 250 million, equivalent to 0.76 percent of the total budget, has been allocated for financial management.
Minister Sherchan said recurrent expenditure has been reduced by one percent compared to the current fiscal year.
According to the budget statement, the province expects to finance expenditures through multiple sources, including Rs 7.84 billion in fiscal equalisation grants from the federal government, Rs 10.16 billion through revenue sharing, and Rs 514.8 million from royalty sharing.
The province is also expected to receive Rs 3.93 billion in conditional grants, Rs 554.6 million in complementary grants, and Rs 395.4 million through special grants.
In addition, the provincial government estimates it will generate Rs 5.84 billion through internal revenue mobilisation and retain Rs 2 billion in reserves after implementing the current fiscal year’s budget.
To address the projected shortfall for the upcoming fiscal year, the province plans to raise Rs 1.75 billion through internal borrowing, the minister said.
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