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  1. News
  2. Investor
  3. Capital Spending Falls Below Half as Revenue Target Is Missed
पुँजीगत खर्च आधाभन्दा कम, राजस्व लक्ष्य पनि भेटिएन
Investor
1 min read
Published on July 17, 2026
NEPSE TRADING

पुँजीगत खर्च आधाभन्दा कम, राजस्व लक्ष्य पनि भेटिएनCapital Spending Falls Below Half as Revenue Target Is Missed

काठमाडौँ — आर्थिक वर्ष २०८२/८३ मा सरकारले विकास निर्माणका लागि विनियोजन गरेको पुँजीगत बजेटको आधा रकम पनि खर्च गर्न सकेन। चार खर्ब ७ अर्ब ८८ करोड रुपैयाँ छुट्याइएकामा असार ३१ सम्म एक खर्ब ९० अर्ब रुपैयाँ मात्रै खर्च भएको छ। यो वार्षिक लक्ष्यको ४६.७९ प्रतिशत हो।

पुँजीगत खर्चको यो अवस्था पछिल्लो ६ वर्षयताकै कमजोर हो। यसअघि कोभिड महामारी प्रभावित आर्थिक वर्ष २०७६/७७ मा लक्ष्यको करिब ४६ प्रतिशत मात्र विकास खर्च भएको थियो। त्यसयताका वर्षमा पुँजीगत खर्च ५७ देखि ६५ प्रतिशतसम्म हुँदै आएको थियो।

सरकारी अधिकारीहरूले राजनीतिक आन्दोलन, प्रतिनिधिसभा निर्वाचन, सरकार परिवर्तन तथा निर्माण सामग्रीको अभावलाई कम खर्चको प्रमुख कारण बताएका छन्। पश्चिम एसियामा जारी द्वन्द्वका कारण बिटुमिनलगायत सामग्रीको आपूर्ति प्रभावित हुनुका साथै मूल्य बढ्दा निर्माण आयोजनाको काम सुस्त भएको अर्थ मन्त्रालयको भनाइ छ।

अर्थविद्हरूले भने कमजोर बजेट कार्यान्वयन, सार्वजनिक खरिद प्रणालीको जटिलता र विकास प्रशासनमा सुशासनको अभावलाई मुख्य समस्या मानेका छन्। बजेटलाई कार्यान्वयनयोग्य बनाउने गरी योजना छनोट र संरचनात्मक सुधार नगरे आगामी वर्ष पनि यही अवस्था दोहोरिन सक्ने उनीहरूको चेतावनी छ।

सरकारले यस अवधिमा १२ खर्ब २४ अर्ब ८० करोड रुपैयाँ राजस्व संकलन गरेको छ। यो वार्षिक लक्ष्यको ८२.७६ प्रतिशत र अघिल्लो वर्षको तुलनामा करिब सात प्रतिशत बढी हो। पुँजीगत खर्च बढ्न नसक्दा आर्थिक गतिविधि सुस्त भई राजस्व संकलनसमेत प्रभावित भएको अर्थ मन्त्रालयले जनाएको छ।

चालु खर्च भने लक्ष्यको ८८.५१ प्रतिशत पुगेको छ। सरकारी ऋणको साँवा भुक्तानी र सार्वजनिक संस्थानमा लगानीसम्बन्धी वित्तीय व्यवस्थातर्फ पनि लक्ष्यको ९२ प्रतिशतभन्दा बढी खर्च भएको छ।

असार ३१ सम्म सरकारको कुल आम्दानी १२ खर्ब ६४ अर्ब रुपैयाँ र खर्च १५ खर्ब ८३ अर्ब रुपैयाँ पुगेको छ। यस आधारमा सरकारी वित्त घाटा करिब तीन खर्ब ५९ अर्ब रुपैयाँ देखिएको छ।

सरकारले सुरुमा १९ खर्ब ६४ अर्ब रुपैयाँको बजेट ल्याए पनि अर्धवार्षिक समीक्षामार्फत त्यसलाई घटाएर १६ खर्ब ८८ अर्ब रुपैयाँ कायम गरेको थियो। संशोधित लक्ष्यअनुसार पनि पुँजीगत खर्च पूरा हुन सकेन।

Kathmandu — The government failed to spend even half of the budget allocated for capital expenditure in fiscal year 2025/26. Of the Rs 407.88 billion set aside for development projects, only Rs 190 billion had been spent by the end of the fiscal year, equivalent to 46.79 percent of the annual target.

This was the weakest capital expenditure performance in six years. A similarly low level was recorded in fiscal year 2019/20, when spending was affected by the Covid-19 pandemic. In the following years, capital spending had remained between 57 and 65 percent of the annual allocation.

Government officials attributed the weak expenditure to political unrest, the House of Representatives election, a change in government and disruptions in the supply of construction materials. The conflict in West Asia reportedly caused shortages and price increases in materials such as bitumen, slowing several infrastructure projects.

Economists, however, blamed poor budget implementation, weaknesses in public procurement and a lack of accountability in development administration. They warned that the same trend could continue unless projects are selected realistically and structural reforms are introduced.

The government collected Rs 1.224 trillion in revenue during the fiscal year. This represented 82.76 percent of the annual target and an increase of around seven percent compared with the previous year. The Finance Ministry said weak capital spending had reduced economic activity and affected revenue collection.

Recurrent expenditure reached 88.51 percent of the annual target. Spending on debt repayment and investment in public institutions under financial arrangements also exceeded 92 percent of the target.

By the end of the fiscal year, total government income stood at Rs 1.264 trillion, while expenditure reached Rs 1.583 trillion. This left the government with a fiscal deficit of approximately Rs 358.6 billion.

The government had initially announced a budget of Rs 1.964 trillion for the fiscal year. It was later reduced to Rs 1.688 trillion during the mid-year review after revenue mobilisation and expenditure remained below expectations. Even after the revision, the capital expenditure target was not achieved.

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