KATHMANDU, June 3: The government has allocated a budget of Rs 8.46 billion for the Millennium Challenge Corporation (MCC) project being implemented under the Millennium Challenge Account (MCA) Nepal.
The government is going to spend only Rs 2.77 billion in the budget allocated by the government for the upcoming Fiscal Year (FY) 2025/26. The remaining Rs 5.68 billion is going to be raised from foreign grants.
This project, funded through a grant from the US government, was suspended by the administration of Donald Trump, which halted the budget disbursement. As a result, the government decided to move forward with plans to implement it on its own.
For this project, the government has estimated an expenditure of Rs 9.65 billion in the current FY 2024/25. According to data published by the Ministry of Finance, Rs 2.04 billion was spent on the project in the previous FY 2023/24.
Source: Republica
