Koshi Province Govt. unveils budget of Rs 36 billion for upcoming FY

Biratnagar, June 15: The Koshi Province Government on Sunday brought the budget of Rs 35.87 billion for the fiscal year 2082/83 BS.

Minister for Economic Affairs and Planning Ram Bahadur Magar tabled the budget at the provincial assembly by allocating Rs 18.67 billion for current expenditure and Rs 17.10 billion for capital expenditure. Likewise, Minister Magar has allocated Rs 100 million for fiscal management. The budget is 1.7 percent more compared to the current FY and 12 percent more than the amended estimates of the current FY.

Of the total allocation, Rs 4.7 billion has been allocated for fiscal transfer to the local levels. Minister Magar said that the provincial government would collect Rs 5.5 billion from its internal revenue, Rs 12.39 billion from revenue distribution, and almost Rs 9 billion from fiscal equalization to be received from the federal government to manage the entire estimated cost.

Likewise, Rs 4.57 billion would be received from the conditional grants, Rs 391.7 million from the equalization grant, Rs 557.2 million from the special grant and Rs 350 million from royalty. Minister Magar shared that the remaining Rs 3.13 billion would be covered by the cash deposits. Minister Magar hoped that the implementation of the budget is expected to strengthen the entire economic base and would create a conducive environment for achieving the goal of economic growth rate.

Likewise, he said that employment opportunities would be created through the private sector’s investment promotion, strengthen internal revenue mobilization and maintain fiscal discipline. The province government is expected to achieve an economic growth rate of 5.3 percent in the upcoming fiscal year with the implementation of the new budget.