The government is allocating nearly 25% of its national budget for direct support to citizens, totaling approximately $1 billion out of a $4 billion budget. Deputy Prime Minister and Minister of Finance, Prof. Biman Prasad, stated that this financial commitment demonstrates the government’s dedication to improving the welfare of its population through various economic and social assistance measures.
In the past two years alone, the government has invested close to $100 million in support initiatives and plans to allocate an additional $40 million at the beginning of 2025. This includes educational assistance where over 200,000 students benefit from $200 each year.
Prof. Prasad emphasized that the funding for these programs comes from enhanced local tax collection efforts, which have yielded improved government revenues. He noted a positive trend in retail revenues and an increase in tax collections, reflecting the government’s effective fiscal strategies. This success allows for substantial support measures, such as subsidies and increased social welfare benefits, contributing to the overall enhancement of living standards.
He also mentioned that forgiving $650 million in debt has alleviated financial burdens for 53,000 families, enabling them to retain more money for consumption and thereby boosting economic activity. Prof. Prasad concluded that since the implementation of these measures, there has been a noticeable increase in consumption and overall public confidence, indicating that the government’s support packages are indeed delivering positive results.
This budget allocation not only emphasizes the government’s proactive stance in supporting its citizens but also signals a broader commitment to fostering economic growth. By prioritizing welfare initiatives, the administration aims to build a resilient and confident society, ensuring that individuals and families can thrive.
In summary, the government’s strategic financial assistance aligns with its goal to enhance citizens’ quality of life while promoting sustainable economic improvement.
Leave a comment