Kathmandu, September 19
The Civil Aviation Authority of Nepal (CAAN) has unveiled a budget worth Rs 46.96 billion for the fiscal year 2019-20 today.
The budget has primarily focused on construction and improvement of national pride projects and various airport-related infrastructure across the country.
Through the budget, CAAN has announced plans to operate Tribhuvan International Airport (TIA) round-the-clock. The budget has allocated Rs 3.88 billion for
TIA rehabilitation and other maintenance works.
Rajan Pokharel, director general at CAAN, informed that the budget has mainly focused on development of infrastructure projects as well as completion of old projects.
“We have focused on improving the physical infrastructure of TIA and other airports to reduce the problem of air traffic congestion. However, we will work on expanding and improving the existing airports as well,” Pokharel said.
“We also plan to complete construction of other roads around the Nijgadh International Airport and cut down trees in the project area within this fiscal year in coordination with Nepali Army,” he added.
Similarly, CAAN has said it will distribute bonus worth Rs 1.26 billion to its employees. “The bonus distribution amount has already been approved by the CAAN board and we will distribute the amount soon,” said Pokharel.
CAAN has said that it will manage 37 per cent of its total budget through loans, shares and grants. Similarly, 32 per cent will be managed through bank reserves, 18 per cent from income, five per cent from airport development fee and seven per cent will be collected from outstanding dues.
According to CAAN’s plans, it will spend 72 per cent of the budget on capital expenses, nine per cent on recurrent expenditure and six per cent to pay value added tax. Likewise, it will spend one per cent to distribute dividend, three per cent for bonus and two per cent to pay principal and interest on its loans. Similarly, one per cent will be deposited towards aircraft operation fund, fixed assets substitute fund and two per cent for income tax.
In the last fiscal year, CAAN had allocated a budget of Rs 45.17 billion.
Written by Ankit Khadgi
This news first appeared on https://thehimalayantimes.com/business/caan-unveils-rs-46-96-bn-budget-for-2019-20/ under the title “CAAN unveils Rs 46.96 bn budget for 2019-20”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.