Finance Minister Dr Mahat presents 819 bln budget for FY 2015/16

Kathmandu: Finance Minister Dr Ram Sharan Mahat is delivering the budget for the next fiscal year 2015/16 at the Parliament Tuesday afternoon.

This year budget there has been increment  in cigarette, alcoholic items, no increment in government employees salary, while the allowance to be received by senior citizens has been increased.

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The size of the annual budget is Rs 819 billion as passed by the cabinet decision held before the budget session held at PM later residence, Baluwatar.

In his budget speech, Minister Mahat said the government is likely to collect only 93 per cent of the revenue estimated for this fiscal year, due to the April 25 earthquake.
He said the earthquake is likely to increase poverty in the nation. That, however, will be restricted to 25 per cent, he claimed.

The government is facing a serious challenge to maintain economic growth rate above eight per cent to graduate the nation from the least developed countries into the developing countries by 2022, he added.

The new budget aims to promote people’s trust in the government by prioritising relief, reconstruction and
rehabilitation works in the aftermath of the devastating quake, he maintained.
“We will not let people of earthquake-hit region feel lack of budget,” he said.

The government will leave no stone unturned to revive tourism in the nation, the Minister added.

He urged private sectors to cooperate with the government in the reconstruction campaign.

The National Reconstruction Authority will be given a full shape soon, he said.

The National Planning Commission has estimated that the reconstruction efforts need an amount of 667 billion.

Mahat, during his speech, said the reconstruction efforts will be completed in next five years.
As many as 50,000 youth will be trained to carry out reconstruction works, he announced.
During the reconstruction, heritage sites will be prioritised, the Minister pledged.

The government will organise an Investment Conference in the next fiscal year to promote foreign investment in the nation, he added.