May 29: The government has announced a budget of Rs 1751.31 billion for the upcoming fiscal year 2023/24. Of the earmarked amount, Rs 1141 billion (65.20 percent) will be spent for recurrent expenditure and Rs 302 billion (17.55 percent) for capital expenditure.

Tabling the budget for the upcoming fiscal year in a joint session of the federal parliament on Monday, Finance Minister Prakash Sharan Mahat said that Rs 307 billion will be spent for financial management.

The budget announced for the upcoming fiscal year is less than the budget for the current fiscal year by 2.37 percent. However, considering the amended budget for the current FY, the upcoming budget is 16.37 percent more.

The government aims to collect Rs 1248 from revenue collection, Rs 49.94 billion from foreign aid and Rs 240 billion from foreign loan.

The National Planning Commission had fixed the budget ceiling of Rs 1688 billion for the upcoming fiscal year.