KATHMANDU, May 30 (Xinhua) -- The Nepali government has presented its annual budget for fiscal year 2017-18 with massive outlay of financial resources to local governments.
Nepali Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara on Monday presented the budget of 1.279 trillion Nepalese rupee (12.35 billion U.S. dollar) with the record 17.6 percent outlay resources for the local governments.
Beside constitution implementation, the post-earthquake reconstruction, implementation of key prioritized development projects known as "National Pride Projects" and elections of provincial and the federal governments are other priorities of the new budget.
The new budget has allocated 225.05 billion Nepalese rupees (2.17 billion dollars) for the local bodies which is 17.6 percent of the total.
In the current fiscal year 2016-17, Nepal's central government has allocated 49.78 billion Nepalese rupees (481 million dollars) for the local bodies which is 4.74 percent of the total.
One of the "National Pride Projects" is 1,200 MW Budhigandaki Hydroelectric Project which has got budget allocation of 10.17 billion Nepalese rupees (98 million dollars) for land acquisition purpose.
The Nepali government has aimed high on hydropower development through the budget for the next fiscal year.
Minister Mahara announced that 17,000 MW of electricity would be generated in the next seven years.
With these measures, the budget has targeted to achieve a 7.2 percent economic growth in the next fiscal year and create 500,000 new jobs.
The Nepali government has projected its economy to grow by 6.9 percent in the current fiscal year, thanks to favorable monsoon, end of the power cuts and increased private sector investment.
