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Government Spending More On Foreign Visits
By KTM Metro Reporter in Kathmandu
On January 12, 2010, speaking to the anchor of the morning program called ‘Antar sambad’ of the government-run Radio Nepal, the secretary to the Finance Ministry has said that the government has been spending more on unproductive businesses such as foreign visits and benefits to the government employees than on the capital formation such as building roads, bridges and so on. He also has said that the government has not been able to release the budget for development work up until now pushing the contractors to work in the last months of a fiscal year.
Concerning the low remittances, Nepal has been receiving recently, he has said that the reasons might be Nepalis working abroad must be holding the money back anticipating the dollar will gain its value in the future, as of now the exchange rate of dollar has been lowest; in addition, the Central Bank of Nepal called Nepal Rastra Bank has limited the investment in the property causing Nepalis working abroad withhold remittances.
