Nepal Finance Minister Ram Saran Mahat unveils new budget

, July 14: The

government has announced a

worth $6.18 billion for the fiscal year 2014-2015, media reported on Monday.

The new budget was announced by Nepal's Finance Minister Ram Saran Mahat in Kathmandu on Sunday, Xinhua reported.

The budget focuses on policy reforms, infrastructure and agriculture development. It also put high priority on sectors like hydropower development, manufacturing and service industry and tourism industry.

The annual fiscal policy has laid $3.53 billion for current expenditure, $1.66 billion for capital expenditure and $787 million for fiscal management.

Mahat termed the budget as "reform and investment oriented". It aims at achieving six percent economic growth and inflation at nine percent in the next fiscal year. This is the first budget with new policies and programs in the last three years in Nepal.

Introducing a slogan "Brighter Nepal, Prosperous Nepal", the budget aims at eliminating the existing power crisis within three years.

Also, $335 million has been allocated for the health sector aiming at making the services easily accessible to the citizens throughout the country.

IANS