18.4 C
Kathmandu
Monday, November 29, 2021
More
    Nepal Breaking NewsEconomy | FinanceThe government has yet to settle arrears of more than Rs 25...

    The government has yet to settle arrears of more than Rs 25 billion for the fiscal year 2020/21.

    spot_img
    Must Read

    In the previous year, the federal government owed Rs 25.26 billion in arrears on its obligations.

    The integrated internal audit report, which was given to Finance Minister Janardan Sharma on Tuesday by the Financial Comptroller General’s Office, reveals that the government must pay back the money that was spent excessively by government agencies in year 2020/2021. During the period under consideration, the amount in arrears amounted to 2.11 percent of the budgeted amount.

    - Advertisement -

    In arrears, we refer to any financial transaction that has been completed without the provision of appropriate documentation and the completion of all processes. It is more likely that the government authorities responsible for the debt will corruption if the quantity of debt is large.

    The government has to regularize Rs 6.95 billion in arrears from the previous year, whereas Rs 591.90 million is noted as amount to be recovered from the arrears that were collected. A similar amount, Rs 17.71 billion, was received as an by government officials who had passed the maturity date.

    - Advertisement -

    For the current year, according to the report, the federal government has Rs 107.16 billion in its reserve money on hand. The federal government received Rs 1.267 trillion in during the previous fiscal year. In a similar vein, the government settled payments of Rs 1.160 trillion throughout the same period.

    The state coffers provided funding for 82.32 percent of the entire government expenditure. External sources provided the remaining 17.68 percent of funding, which included 3.4 percent in foreign and 14.64 percent in external borrowing.


    You May Also Like

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Nepal Stock Exchange Ltd.

    As of 2021-11-29 15:00:00 ...

    More Articles Like This