Nepal today announced a budget of USD 10 billion for the fiscal year 2016-17, 28 per cent increase over last year's budget, that will focus on implementing the new Constitution, accelerating development works and speeding up post-quake reconstruction.
Nepal Finance Minister Bishnu Paudel said that he prepared the budget in consultation with political parties, former finance ministers and various stakeholders.
The Rs 1.048 trillion (USD 10 billion) budget proposed 25 per cent increse in the salary of the civil servants.
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Through the new budget the government has allocated Rs. 140 billion for the post earthquake reconstruction and rehabilitation works.
The government has also proposed to levy 5 per cent tax on petroleum products to generate electricity on its own with a view to ending the current power outage in the country.
Around thirty per cent of the government expenditure will be financed through foreign aid, including soft loans and grant assistance.
The government has also allocated Rs 10 billion for construction Kathmandu- Nijgadh fast track road that will connect Kathmandu with Terai, the southern Nepal through shortest land route.
