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Budgetary agencies underspend by Nu 6bn in its capital budget for 2023-24 fiscal year

March 17, 2025
in Economy
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The government underspent by more than Nu 6bn in its capital expenditure during the 2023-24 fiscal year, falling nearly 19 per cent short of its revised capital budget. A capital budget is the government’s fund for long-term investments like infrastructure, schools, hospitals, roads, and development projects. According to the Annual Financial Statements released by the Ministry of Finance, the revised capital budget was set at Nu 32.9 bn, but only Nu 26.8bn (excluding advances to contractor and suppliers) was actually spent, leaving a gap of Nu 6.1bn.

The Ministry of Energy and Natural Resources had the largest underspending, using only 60.57 per cent of its capital budget, leaving Nu 702.8 M unspent. Similarly, the Ministry of Education and Skills Development spent just 65.91 per cent of its budget, with Nu 710.63 M unused. The Ministry of Health also fell short, utilising only 66.67 per cent, leaving about Nu 374.1 M unspent.

While other ministries also saw underspending, autonomous Bodies recorded a total shortfall of Nu 253.918 M. Within Constitutional Bodies, the Royal Civil Service Commission alone left about Nu 110 M unspent, with a utilisation rate of about 20 per cent.

At the local level, districts collectively underspent by Nu 377.195 M, with Tsirang and Chhukha districts each falling short by about Nu 105 M and less than Nu 25 M, respectively.

The total underspending for gewogs collectively amounted to around Nu 31 M. Meanwhile, Thromdes also saw notable underspending, with a combined shortfall exceeding Nu 65 M.

The report says that total capital expenditure for the financial year 2023-2024 was more than Nu 26.19bn, a decrease of Nu 7.3bn from the previous financial year. According to the financial statement, the decrease is mainly because of the FY 2023-2024 was a bridge year which coincides with the conclusion of the 12th Five-Year-Plan and precede the commencement of the 13th Five-Year-Plan. Reduced disaster response, infrastructure, and equipment spending also contributed.

Meanwhile, for the financial year 2023-24, the fiscal deficit of the country stood at just Nu 431.2 M, a 96 per cent decrease from the government’s estimate of Nu 11bn.

The report said that the reason is because of lower capital spending and higher revenue collection, with domestic revenue exceeding projections by around seven per cent, covering 128.99 per cent of the current expenditures.

Karma Samten Wangda

Edited by Yeshi Gyaltshen

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