The Government is allocating nearly 25% of its national budget to provide direct financial support to its citizens. Deputy Prime Minister and Finance Minister Prof. Biman Prasad announced that approximately $1 billion from a total budget of $4 billion will be distributed to enhance the well-being of the populace through various social welfare and economic initiatives.
Prof. Prasad highlighted that over the past two years, the government has invested nearly $100 million into these programs, with plans to allocate an additional $40 million at the beginning of 2025. This includes a notable financial assistance of $200 for more than 200,000 students annually, funded through improved local tax collection efforts.
The Minister pointed to the country’s strengthening tax revenues, as retailers report higher sales and a growth in government debt revenue and tax collections. He credited the government’s effective local collection initiatives for making these expansive support programs financially feasible.
In addition to education assistance, the government is also providing subsidies, price supports, and increasing social welfare benefits. Prof. Prasad emphasized the significance of writing off $650 million in debt, which directly benefits 53,000 families who no longer have to make annual loan payments, effectively increasing their disposable income and improving their financial situation.
He noted that these initiatives are contributing to increased consumer confidence and spending, indicating that the economic support package is functioning effectively and positively impacting the community.
This substantial investment from the government showcases a strong commitment to uplifting citizens and strengthening the economy, fostering an environment where individuals and families can thrive.
Summary: The Government is dedicating a quarter of its national budget to support citizens, reflecting a commitment to social welfare and economic growth. With a focus on education, debt relief, and direct financial assistance, these measures are expected to enhance the quality of life and boost consumer confidence across the population.
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