Today, in a momentous joint session of the Federal Parliament, Finance Minister Dr. Prakash Sharan Mahat is poised to unveil the highly anticipated budget for the upcoming fiscal year 2023/24.
Sources within the Finance Ministry have revealed that the budget, aligned with the ceiling set by the National Planning Commission (NPC) in February, is projected to reach an impressive Rs. 1,688 billion.
The meticulous planning and allocation of funds for the forthcoming fiscal year have been facilitated by the Economic Procedures and Financial Accountability Act-2076. This legislation mandates the NPC to establish the budget ceiling no later than the end of January each year, ensuring timely financial preparations.
Notably, the proposed budget for the next fiscal year represents a substantial 9 percent increase compared to the current fiscal year’s budget of Rs. 1,549.99 billion. Furthermore, the adjusted budget size for the ongoing fiscal year was recently revised to an impressive Rs. 1,793 billion, reflecting the government’s dedication to flexible allocation strategies.