Public debt crosses 3 trillion rupees

Nepal's public debt has crossed 3 trillion rupees, reaching its highest level ever.

According to the Public Debt Management Office, total debt reached about 3,009 billion rupees in the first quarter of the current fiscal year, from Shrawan through Asoj. At the end of last Ashad, the amount stood at about 2,981 billion rupees.

The government took on about 123 billion rupees in new debt over these three months. By this calculation, each Nepali's share of the debt works out to about 100,000 rupees.

About 99 billion rupees was spent on principal and interest payments through Asoj, while capital expenditure was limited to about 28 billion rupees.

The National Natural Resources and Fiscal Commission has recommended strictly stopping the use of internal borrowing for recurrent and administrative expenses. The commission has suggested that such debt be used only for projects that build capital.