Govt to allocate Rs 567 billion for provincial and local governments
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The government is to allocate Rs 567 billion to the provincial and local governments (PLGs) in the coming fiscal year 2024/25.
This will be made through fiscal transfer and revenue sharing from the federal budget.
According to the budget statement read out by Finance Minister Barshman Pun in the Parliament today, the government has allocated Rs 60 billion for the provinces and Rs 88 billion for the local level towards the fiscal equalization grants on the recommendation of the National Natural Resources and Fiscal Commission (NNFRC).
Likewise, a conditional grant worth Rs25.84 billion has been earmarked for the provinces and Rs.28.88 billion for the local level.
The government has allocated Rs 6.2 billion to the province and Rs 7 billion to the local level towards supplementary grants. In addition, 4.4 billion rupees have been allocated for the province and 8.5 billion rupees for the local level as a special grant.
Finance Minister Pun noted that arrangements will be made to transfer conditional, supplementary and special grants based on performance.
The government estimates that 159 billion rupees will be transferred to the provincial and local levels as part of revenue sharing.
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