May 17, Kathmandu. The Millennium Challenge Account (MCA) project, which received a budget of 10.84 billion rupees for the current financial year (FY) 2080/81, could barely spend about 2 billion rupees within the current financial year.
According to the revised estimate of the Ministry of Finance, this project under MCC will be able to spend only 1 trillion 836 million rupees in the current year.
In the previous year 2079/80, only 71.75 million rupees were spent on this project. This project, which has been implemented since 13 August 2080, should be completed within 5 years. If not, there is a provision to return the subsidy.
An agreement has been reached between Nepal and the US government to implement this project with a grant of 500 million. In which the Government of Nepal will contribute an additional 130 million US dollars.
According to the Ministry of Finance, 13.36 billion rupees have been allocated to MCC for the next financial year 2081/82. Out of which, the government of Nepal plans to spend 3.45 billion rupees and 9.9 billion rupees through grants.
According to the Ministry of Finance, the target is to spend 1.23 billion 85 million rupees on the operational side and 12.12 billion 1.5 million rupees on the capital side.
