FM Mahara presents budget for FY 2017/18 at the Parliament

Kathmandu / May 29: Finance Minister Krishna Bahadur Mahara presented the annual estimate of income and expenditure for the upcoming fiscal year 2017/18 at the Legislature-Parliament on Monday.

The government unveiled the budget of Rs 1, 278 billion of which Rs 804 billion as recurrent expenditure, Rs 335 billion as capital expenditure and Rs 140 billion as financing provision for the coming fiscal year.

The budget has given priority to holding two-phase of elections next year, expedite reconstruction projects, constitution implementation and continuation of national pride projects.

FM Mahara expected that the GDP growth rate would be 7.2 per cent the highest in recent years, agriculture sector would reach 5.3 per cent, the Industrial sector would grow by 11 per cent, service sector would usher by 6 per cent in the coming fiscal year.

Minister Mahara also projected that the inflation rate would remain at 7 per cent in the coming fiscal year.

The government has decided to add Rs 1,00,000 and provide Rs 3,00, 000 to earthquake victims for the construction of a house in the quake-affected areas. vulnerable earthquake prone area’s population would be shifted to integrated settlements as FM Mahara reads the provision stated in the Budget.

It also has the provision of Developing satellite cities in Kathmandu and mega cities in each province, constructing 8 international standard cricket stadium across the nation and expedite the construction of Mulpani Cricket Stadium.

The government has also presented ambitious projects of building a tunnel from Koteshwor to Suryabinayak of Bhaktapur district. The budget has also allotted Rs 13 billion for the completion of Pokhara, Bhairahawa regional airports and Kathmandu-Terai fast track road. The government has also disbursed Rs 3 billion and 570 million for the Melamchi Drinking water project. The government has also vowed to upgrade the run-way of Tribhuvan International Airport.

Similarly, the government has launched the theme ” Nepal ko Pani Janata ko Lagani” to eradicate load shedding from the nation and planned to generate 17,000 megawatts electricity. Likewise, the budget has allocated Rs 10 billion for Budi Gandaki Hydro Project and projected that the Chameliya and Kulekhani III would be completed next year.

FM Mahara also said that all Nepalis would be covered with Health Insurance within next three years as budget has promoted such programmes. He also said that Kidney dialysis would be provided free of cost from hospitals across the nation. Each Zonal Hospitals and District Hospitals would have their own pharmacies to provide medications in a low rate to the patients, Mahara added.

The budget also gave special preference and allocated Rs 17 billion for upgrading Bir Hospital to International standard health care centre. The salaries of health professionals would also be provided by the local units.

The budget has also provided special provision to journalists and would set up Journalist Training Academy in each province to hone their journalism skills.

Likewise, the government has also decided to provide a grant to Rural Municipalities, Municipalities, and Metropolis from the Central Government. Rural Municipality would get a minimum grant of Rs 100 million to a maximum grant of Rs 390 million, Municipality would get minimum grant of Rs 150 million to a maximum grant of Rs 430 million. Similarly, Metropolitan cities would get the minimum grants of Rs 400 million to a maximum grant of Rs 640 million.

The budget has also kept the provision of opening a bank account for every migrant worker before leaving for their destination to keep a record of remittance and utilise their hard earned money in productive sectors including ‘remit hydro’.

The government has also incorporated the provision of distributing teachers remuneration, education materials, textbooks and scholarships amount up to grade 10 by the local bodies.

The budget has adopted the policy of promoting curriculum-based technology-friendly education, establish a technical skill development centre and Bidushi Yogmaya Technical University.

FM Mahara also said that the budget has kept a provision to take actions against the contractors failing to complete the projects at stipulated times.

The budget will be discussed in the parliament before being endorsed by the President Bidya Devi Bhandari.