Kathmandu, Feb. 10: Although the government has allocated only Rs 10 billion in the current budget for the election, additional Rs 40 billion has been sought. Information to this was shared by Finance Minister during a programme organized to unveil the bi-annual report of the current budget.

"It is the government's duty to ensure resources for the election as it is the national campaign. So, we are under pressure," said Minister Sharma, adding that the election would be held on time by managing the necessary budget.

On the occasion, he admitted that the development budget was not spent due to legal and structural hurdles. Projects failing to acquire land and without resources left in limbo is another reason behind low capital expenditure, he argued.

According to the Finance Minister, those responsible to carry out project works did not make honest efforts, and shortage of competent human resources are equally significant hindrances.

He further said the budget would not be spent fully. Last September, Minister Sharma had unveiled the replacement budget of Rs 1.63 trillion. Minister Sharma further regretted that the budget was brought without making adequate preparation. "I'm for changing the budget-making process. It is imperative to fix standard on what sort of project the province, local and federal government can carry out," he mentioned. He presented the revised estimate of budget spending- Rs 1.54 trillion- out of the total budget, which is 94.7 percent of the total budget.

According to him, all sides' cooperation is necessary to curb cryptocurrency, hyper fund, online gaming and others that are posing threat to the economy. "With illegal use of science and technology, there is huge capital flight, to which government is working with necessary strategies.

Policy level initiatives are being taken to minimize the stress on foreign currency reserves.