Kathmandu: The government has earmarked Rs 18.5 billion for post-disaster reconstruction efforts for the fiscal year 2082/83 BS. This announcement was made by Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel during the annual budget presentation at the joint session of the Federal Parliament.
According to National News Agency Nepal, the allocated amount is intended for the reconstruction of private houses, schools, public infrastructures, and archaeological and cultural heritages that have been damaged by earthquakes and monsoon-induced disasters. The budget also includes provisions for risk reduction by developing an early-warning system and enhancing the capacity of human resources involved in disaster management and response.
Minister Paudel highlighted plans to expand the scope of property insurance to safeguard assets from damage due to natural disasters and accidents. Insurance companies will be directed to extend their services to rural areas. Additionally, the introduction of a cyber security insurance service is set for the upcoming fiscal year.