The Government is allocating nearly 25% 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 of the total $4 billion budget will be distributed to citizens in various forms of assistance.

Prof Prasad emphasized that this investment demonstrates the Government’s ongoing commitment to enhancing the welfare of the population through multiple social welfare and economic initiatives. Over the past two years, nearly $100 million has been expended, with an additional $40 million expected at the start of 2025. This includes $200 provided annually to over 200,000 students, funded by local tax collection efforts.

Prof Prasad highlighted the nation’s improving tax revenues, noting that retailers have reported surplus earnings and an increase in government debt revenue. He credited these fiscal advancements to effective local tax collection, which is facilitating extensive support programs.

In addition to educational aid, the support encompasses subsidies, price supports, and increased social welfare benefits. Prof Prasad pointed out that forgiving $650 million in debt will significantly benefit 53,000 families by alleviating their financial burdens.

This comprehensive support package is reportedly contributing to a rise in consumer confidence and increased spending within the economy, indicating successful outcomes from the recent budget initiatives.

Overall, the Government’s substantial support demonstrates a proactive approach to enhancing citizens’ well-being, fostering greater economic stability, and promoting growth within the community.

This initiative aims to uplift families and stimulate the economy, signaling a promising outlook for the future.