KATHMANDU, Sept 20 (NNN-XINHUA) – The Nepali government spent about one-third of its revenues in repaying loans, in the 2023-24 fiscal year, which ended in mid-July, as the country’s public debt has been ballooning in recent years.
As much as 305.37 billion Nepali rupees (2.28 billion U.S. dollars) was used for debt service, during the past fiscal year, accounting for 29 percent of the total government revenues, according to the latest report unveiled by the Public Debt Management Office.
In contrast, the country allocated 191.75 billion rupees (1.43 billion dollars) as capital spending for development activities in 2023-24.
“Nepal’s debt servicing has been growing, alongside the rise in public debt in recent years,” said Dilaram Giri, undersecretary at the Finance Ministry, who served at the office until last month.– NNN-XINHUA
