Koshi Province Chief Minister Hikmat Kumar Karki has assured the provincial government's budget for the upcoming fiscal year will be focused on increasing production and creating employment opportunities.
At a provincial level interaction themed 'Fiscal Federalism and Formulation of Plan for local level' organized by Nepal Municipality Association here today, CM Karki informed that if the collection of revenue in the Province remains the same, the size of the budget for the upcoming fiscal year 2023/24 will be decreased.
According to him, the problem rose due to the fact that only half of the pledged financial equalization grant was received from the federal government and the collection of revenue also decreased in the Province.
It may be noted that the federal government, due to the increasing pressure on government finances, in April this year decided to cut the financial equalization grant being provided to the provincial government by 50 per cent.
CM Karki expressed his concern that there was likelihood of situation where liabilities would increase while the sources of budget would go weak. The CM advised the local level government to consider investment only when it is absolutely needed. He also viewed that the local government should lay its focus on increasing production, creating employment opportunities and beautification of the city while allocating budget and formulating policies and programmes.
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