Finance Minister Swarnim Waglé Set to Present Budget at 4 PM
The Government of Nepal is set to unveil the national budget for the fiscal year 2083/84 today, prioritizing unnecessary expenditure cuts, private sector promotion, and stronger financial discipline.
Finance Minister Dr. Swarnim Waglé is scheduled to present the budget at 4 PM during a joint session of the Federal Parliament.
According to government officials, the upcoming budget is being prepared as a starting point for long-term economic transformation, with reform programs planned for the next five years.
Salary Hike and Tax Reforms Expected
The government is expected to announce a minimum 15 percent salary increase for civil servants through the new budget.
In addition, the budget is likely to include:
- Expansion of personal income tax thresholds
- Revision of tax rates according to current economic conditions
- Measures to encourage private sector investment
- Policies to stimulate both consumption and capital investment
The government is also expected to announce plans to accelerate stalled national pride projects by ensuring proper funding and resource allocation.
Weak Public Institutions May Be Scrapped
Sources indicate that the budget may include provisions to dissolve or restructure weak and underperforming public institutions as part of broader fiscal reform efforts.
The government is aiming to improve efficiency in public spending while reducing unnecessary administrative burdens.
Ambitious Goal of Building a $100 Billion Economy
The Ministry of Finance has reportedly set an ambitious target of transforming Nepal into a 100-billion-dollar economy within the next seven years.
To achieve this, the government plans to adopt policies focused on:
- Economic expansion
- Infrastructure development
- Investment promotion
- Private sector participation
- Employment generation
The total size of the upcoming budget is estimated to exceed Rs. 20 trillion.
Revenue Pressure and Rising Public Debt Remain Major Challenges
Despite plans for budget expansion, Nepal continues to face increasing pressure on revenue collection and fiscal management.
In the current fiscal year, the government allocated a budget of Rs. 19.64 trillion. However, the revised revenue collection estimate stands at only Rs. 10.21 trillion.
The widening gap between expenditure and revenue has forced the government to rely heavily on public debt to finance its spending.
Spending Capacity Still a Major Concern
Economists have also raised concerns about Nepal’s weak capital expenditure capacity.
Over the past several years, around 20 to 25 percent of the allocated budget has remained unspent annually, raising questions about implementation efficiency and project execution.
Against this backdrop, many experts and citizens are closely watching whether the new budget will bring meaningful reforms and practical economic results.
Constitutional Requirement for Annual Budget Presentation
According to the Constitution of Nepal 2072, the government is constitutionally required to present the annual budget on Jestha 15 every year.
Ahead of today’s presentation, Finance Minister Dr. Swarnim Waglé briefed President Ramchandra Paudel on the upcoming budget during a meeting held on Thursday.
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