Nepal presents annual budget, cuts allowance for king, royal family
Friday, 13 July 2007
KATMANDU, JULY 12 (AP) : Nepal's government presented a 169 billion rupee (US$2.6 billion; euro1.9 billion) annual budget on Thursday aimed at holding crucial elections later this year and cutting off the annual allowance for the king and royal family. The budget allocates 3.5 billion rupees (US$54 million; euro39 million) for November elections for an assembly to decide if Nepal will continue to have a king, choose a political system and write a new constitution.
The government has also removed the traditional annual allowance for the king and royal family.
Last year King Gyanendra and his family were allocated about 32.7 million rupees (US$500,000; euro370,000). Gyanendra has been stripped of all his powers and his command over the army since pro-democracy protests forced him to give up his authoritarian rule in April 2006.
Gyanendra has become deeply unpopular since he seized absolute power in February 2005 and sacked the government. He became king in 2001 after his elder brother, Birendra, and eight royal family members were slain in a palace massacre. Finance Minster Ram Sharan Mahat read out the annual budget in a speech broadcast live on national television. The budget for the new fiscal year, which begins on July 17, must be debated and approved by Parliament.
The government expects part of its budget to be financed by foreign donors. The budget includes 27.5 billion rupees (US$423 million;euro309 million) in grants and 17.4 billion rupees (US$268 million;euro196 million) in loans.
Nepal's main donors are Japan, Germany, Britain, the United States, and the Asian Development Bank.
The government has also removed the traditional annual allowance for the king and royal family.
Last year King Gyanendra and his family were allocated about 32.7 million rupees (US$500,000; euro370,000). Gyanendra has been stripped of all his powers and his command over the army since pro-democracy protests forced him to give up his authoritarian rule in April 2006.
Gyanendra has become deeply unpopular since he seized absolute power in February 2005 and sacked the government. He became king in 2001 after his elder brother, Birendra, and eight royal family members were slain in a palace massacre. Finance Minster Ram Sharan Mahat read out the annual budget in a speech broadcast live on national television. The budget for the new fiscal year, which begins on July 17, must be debated and approved by Parliament.
The government expects part of its budget to be financed by foreign donors. The budget includes 27.5 billion rupees (US$423 million;euro309 million) in grants and 17.4 billion rupees (US$268 million;euro196 million) in loans.
Nepal's main donors are Japan, Germany, Britain, the United States, and the Asian Development Bank.