Nepal, Feb. 5 -- The government has capped the validity of its budgetary funding assurance for multi-year contract projects at a maximum of three fiscal years.

Issuing a new guideline on Wednesday, the Ministry of Finance (MoF) stated that the government's commitment to ensure budgetary resources for multi-year projects will remain valid only for the approved project duration, up to three fiscal years. However, the tenure may exceed three years in the case of national pride projects or projects whose contract period is longer than three years.

The guideline clarifies that the provision refers to the government's assurance of funding availability which allows ministries and agencies to enter into multi-year contractual commitments based ...