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Govt presents annual budget of Rs 1.05 trillion

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KATHMANDU — Finance Minister BIshnu Paudel on Saturday presented the annual budget of Rs 1.048 trillion for the fiscal year 2016/17.

Presenting the budget, Minister Poudel said government had implementation of the constitution, acceleration of development works and reduction of poverty through this budget.

Earlier, the budget was endorsed by a Cabinet meet and Poudel said the budget was prepared after consultation with former finance ministers and various stakeholders.

Government has allocated Rs 140 billion for post-quake reconstruction and rehabilitation works.

Earthquake-affected families will also receive additional Rs 300k each.

Likewise, the government will also provide martyrs status to those who lost their lives during the Madhes movement and also provide compensation to their families.

The government has increased the salary of civil servants by 25 percent while social security allowance and allowances provided to disabled, single woman and endangered communities have also been doubled.

The government has adopted the policy to produce electricity by levying five percent tax on petroleum products.

Rs 4.2 billion allocated for Postal Highway, Rs 5.33 billion for Budhi Gandaki Hydel project,  Rs 10 billion for fast track project, Rs 2.88 billion for mid-Hill highway and Rs 1.86 billion for Kathmandu-Nagdhunga tunnel.

Similarly, Rs 90 million will also be provided to each district headquarters and 10 cities will be developed as smart cities, the budget announced.

The grant for ‘Build your own village’ programme has been doubled to Rs 15.55 billion while the grant for municipalities has also been doubled.

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PM congratulates Nepali national cricket team

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KATHMANDU— Prime Minister KP Sharma Oli has congratulated Nepali national cricket team for being able to clinch the International T20 series.

PM Oli in a tweet extended best wishes and congratulations saying he was very happy to know Nepal’s win over the UAE by 14 runs in the third match of the series.

Winning T20 series is another landmark success for Nepali cricket, he said, adding, “It is big achievement for Nepal’s cricket. I would like to heartily congratulate entire members of Nepali cricket squad”.

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