The Ministry of Finance has adjusted the estimation of income and expenditure for the current fiscal year 2020/21 reports The Rising Nepal.
In the mid-term budget review published on Tuesday, Finance Minister Bishnu Prasad Paudel said that due to coronavirus impact on the economy and development, the actual budget mobilisation was revised to 91.19 per cent of the total amount previously earmarked.
According to daily, budget size for current fiscal year is Rs. 1,474 billion, of which Rs. 1344.6 billion would be spent. The budget estimates have been brought down to Rs. 914.7 billion from Rs. 948.9 billion and capital expenditure to Rs. 283.04 billion from Rs. 352.9 billion. Likewise, revenue target is revised to Rs. 885.8 billion from Rs. 950.1 billion.
However, over the first half of the current fiscal, revenue collection is down by 1.39 per cent. The Finance Minister said that the revenue collection was satisfactory with 14 per cent growth.
Expressing hope, he added that as the resources were available, infrastructure development would catch the desired speed.
Meanwhile, the government has received the commitment of Rs. 187.4 billion in foreign assistance for various development projects -- up from Rs. 72.9 a year earlier.