The Government is allocating nearly 25% of its national budget directly to support its citizens. Deputy Prime Minister and Minister of Finance, Prof. Biman Prasad, announced that around $1 billion of the $4 billion total budget is dedicated to initiatives that will enhance the financial well-being of the population.
Prof. Prasad emphasized this budget allocation as a demonstration of the Government’s ongoing commitment to social welfare and economic support. Over the past two years, he mentioned, approximately $100 million has already been spent, with an additional $40 million expected to be invested at the start of 2025. Specifically, more than 200,000 students will receive $200 each annually, amounting to $150 million funded through effective local revenue collection.
The Minister highlighted successful improvements in tax revenues, noting that retailers have reported increased earnings alongside a rise in government debt revenue and other tax collections. He attributes these positive financial outcomes to the Government’s diligent local collection efforts that support extensive citizen welfare programs.
In addition to educational support, the budget also includes subsidies, price supports, and increases in social welfare benefits. Prof. Prasad mentioned the significant decision to write off $650 million worth of debt, benefitting approximately 53,000 families who will now have more money in their pockets. He noted that as a result of these collective measures, consumption has increased, indicating heightened public confidence.
This announcement reflects a proactive approach by the Government, aiming to uplift families and stimulate the economy through direct financial assistance and support. The commitment to investing in human capital, particularly through education and welfare measures, signals a hopeful outlook towards improved living standards and economic resilience in the future.
Overall, these efforts paint a positive picture of a government that is prioritizing its citizens’ needs and demonstrating accountability in fiscal management.
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