PM Oli's first budget focuses on infra, tourism and energy

Updated:7 years, 5 months ago

Kathmandu (Nepal), May 30 (ANI): Nepal’s Finance Minister Yubaraj Khatiwada unveiled a Union budget of 1,315 billion Nepali Rupees for the fiscal 2018-19 in a joint session of the House of Representatives and National Assembly on Tuesday. The major focus was laid on transforming the production and development of physical infrastructure. Out of the total budget, government aims to utilise Rs 845.5 billion as recurrent expenditure. Likewise, Rs 314.28 billion and Rs 155.18 billion have been earmarked for capital expenditure and financing provision, respectively. Economic growth in the upcoming fiscal has been projected at 8 per cent. Government has given priority on to generate employment opportunities, promoting agriculture and tourism sectors, conserving water resources, enhancing quality of public service delivery in the budget. The fiscal budget has also announced a loan of Rs 700,000 to youths against collateral of their academic certificates. With the aim of tapping the inflation at 5 percent, the government has decided to clear the debt of the small farmers which has increased the confidence of the people. The first Communist Budget after the adaptation of the federalism has sanctioned 56.41 billion rupees for the health, 134 billion for the Education, Science and Technology, 33.71 billion for the Agriculture, 5.20 billion for the Tourism and 3.89 billion for the Energy Sector.