KATHMANDU, Dec 16: Despite the presence of universities and educational institutions across the country, a substantial amount of money continues to leave Nepal for foreign education. According to data released by Nepal Rastra Bank (NRB), expenditure on education during the first four months of the current fiscal year (FY) reached Rs 42.96 billion.
In the same period of the previous FY, spending on education stood at Rs 32.22 billion. This means nearly Rs 10 billion more was spent on educational activities abroad during the first four months of the current FY compared to last year.
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During the review period, travel expenditure under the services account rose by 16.4 percent to Rs 64.59 billion, up from Rs 55.49 billion in the corresponding period last year.
Meanwhile, travel income under the services account increased by 8.1 percent to Rs 19.19 billion during the review period, compared to Rs 17.76 billion a year earlier. As a result, net services income recorded a deficit of Rs 32.68 billion, widening from a deficit of Rs 23.01 billion in the same period of the previous FY.
