The government has decided to present the full budget on May 3. A meeting of the Council of Ministers took the decision to this effect Wednesday evening.
This will break the long tradition of presenting annual budget at the end of the fiscal year in mid-July (last of the Nepali month of Asadh).
Speaking to reporters in Biratnagar earlier today, Finance Minister Bharat Mohan Adhikari said that the government would unveil a full budget to end the difficulties created by the current budget. He also said the budget would focus on boosting production and productivity.
Meanwhile, today's cabinet meeting also decided to accept credit from the Indian government and the World Bank (WB) and the grants provided by the European Union (EU).
India has pledged a line of credit of Rs 17 billion for different projects. The 20-year loan provision is being agreed for 1.75 percent interest rate.
The credit from WB will be spent on installing transmission lines for the electricity generated by the Kabeli hydropower project, which is under construction in Panchthar district.
Likewise, the Rs 2 billion EU grant will be spent on reconstruction of infrastructure destroyed during the Maoist insurgency. nepalnews.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment