Government presents replacement bill on finance, Rs 1.6 trillion allocated for current FY 2021/22

The incumbent government has allocated Rs 1.6 trillion for the current fiscal year, 2021/22 through the replacement bill on finance tabled at the parliament meeting on Friday. Tabling the bill at the House of Representatives meeting, Finance Minister Janardan Sharma said it would help implement policies and programs for the current FY.

Of the total allocated amounts, Rs 677 billion (41.42 percent) goes for current spending and Rs 378 billion (23.16 percent) for capital expenditure.

Likewise, Rs 189 billion (11.60 percent) has been allocated for fiscal management and Rs 387 billion (23.72 percent) for handover to local and provincial levels.

Under fiscal handover, Rs 325.07 billion (84.11 percent) alongside equalization grants in current expenditure have been set aside and Rs 61.5 billion (15.89 percent) under capital spending.

For the estimated expenditures for this fiscal, Rs 1050.08 billion would be borne from revenue collection while Rs 59.9 billion from foreign grants.

Portions of domestic and foreign loans have been decreased by approximately Rs 37 billion and while the current expenditure has been slashed by 10 percent.

There has been an arrangement for forming a think-tank at the Finance Ministry based on a study, research, and analysis, according to the announcement Finance Minister Sharma made.