The government is allocating nearly a quarter of its national budget to provide direct support for its citizens. Deputy Prime Minister and Minister of Finance, Prof. Biman Prasad, announced that approximately $1 billion out of a total $4 billion budget will go directly into the pockets of the people.
Prof. Prasad emphasized that this expenditure underscores the government’s ongoing commitment to enhancing the well-being of the population through a range of social welfare and economic support initiatives. Over the past two years, nearly $100 million has already been invested, with plans for an additional $40 million or more to commence at the beginning of 2025.
For educational support, the government is providing $200 annually for more than 200,000 students. Prof. Prasad clarified that this $150 million initiative is funded through effective local collection efforts, showcasing an improvement in the country’s tax revenue. Retailers have reported increased revenues, contributing to a rise in overall government debt revenue and other tax collections.
In addition to educational assistance, the support measures include various subsidies, price supports, and increases in social welfare benefits. Prof. Prasad noted that writing off $650 million in debt was a critical decision, as it would benefit around 53,000 families who were burdened by that debt, allowing them to retain more money for their households.
He highlighted the positive impact of these financial measures on consumer confidence and overall consumption, indicating that people have more economic freedom. Prof. Prasad concluded by stating that the current economic package is proving to be effective and beneficial for citizens.
This budgetary approach not only reflects a broad support system but also underscores the government’s focus on empowering families and stimulating the economy. As the government continues to enhance its revenue collection and support programs, there is hope for even greater economic stability and growth in the future.
Summary:
The government is dedicating $1 billion, about 25% of its $4 billion budget, to citizen support, focusing on social welfare, education, and debt relief. Deputy Prime Minister Prof. Biman Prasad highlighted improved tax revenues funding these initiatives, which aim to uplift families and boost consumer confidence. The measures are designed to foster economic growth and enhance the well-being of the population.
Leave a comment