Kathmandu: The Koshi Province Government has announced a budget of Rs 35.87 billion for the fiscal year 2082/83 BS. Minister for Economic Affairs and Planning, Ram Bahadur Magar, presented the budget at the province assembly, designating Rs 18.67 billion for current expenditure and Rs 17.10 billion for capital expenditure. An additional Rs 100 million has been allocated for fiscal management.
According to National News Agency Nepal, the budget signifies an increase of 1.7 percent compared to the current fiscal year and a 12 percent rise from the amended estimates of the current fiscal year. Of the total budget, Rs 4.7 billion has been earmarked for fiscal transfer to local levels.
Minister Magar outlined that the province government aims to gather Rs 5.5 billion from internal revenue, Rs 12.39 billion from revenue distribution, and nearly Rs 9 billion from fiscal equalization funds from the federal government. Moreover, Rs 4.57 billion is anticipated from conditional grants, Rs 391.7 million from equalization grants, Rs 557.2 million from special grants, and Rs 350 million from royalties.
The remaining Rs 3.13 billion will be sourced from cash deposits. Minister Magar expressed optimism that the budget’s implementation would reinforce the economic foundation and facilitate an environment conducive to achieving the targeted economic growth rate.
The province government anticipates that the new budget will enable an economic growth rate of 5.3 percent in the upcoming fiscal year, driven by private sector investment promotion, enhanced internal revenue mobilization, and maintained fiscal discipline.