Budget under capital expenditure decreases due to liability for social security: Finance Minister Mahat

KATHMANDU – Finance Minister Dr. Prakash Sharan Mahat today said budget under the capital expenditure was reduced due to increasing liability for social security.

“The size of budget under the capital expenditure has been small as the liability for principal and interests of loan has increased along with that for social security,” said the minister while inaugurating the 66th annual general meeting of the Morang Trade Association here. The budget under the capital expenditure for the next fiscal year, 2023/24 has accounted for 17.25 percent.

The minister has also stressed the need to increase capital expenditures to make economic dynamic while for the government to improve the monetary and fiscal policies. The budget for the next fiscal year is pro-people as it has been prepared independently, he claimed.

Saying that the government would focus on constructing the Ring Road in Biratnagar, he pledged its support to promote industry and trade in the city. Similarly, former minister Dr Minendra Rijal said Biratnagar city was lagging behind without the viability of trade and industry. He also stressed the need for upgrading Biratnagar airport as of an international standard.

Also, mayor of Biratnagar Metropolitan City Nagesh Koirala demanded that the government releases budget for the local level soon.

RELATED NEWS

Finance minister urges diaspora investment to boost economic growth

Nabil bank wins Nepal’s best commercial bank award

Nepal congress chief Thapa postpones planned India visit

Trump republicans face tough midterms with 100 days left

Nepal mandates National ID for digital wallet verification

International rights bodies warn Nepal against political interference in Supreme…