Minister of finance Dr. Prakasharan Mahat announced the dissolution of 20 state-owned institutions while presenting the new budget before the parliament.
Mahat inormed that entities with similar scopes of operation will be merged in order to cut down the government's overall spending.
He furthermore stated that numerous promotion and development committees that are run and organized by the province and municipal levels depending on jurisdiction would be transferred to and disbanded by the appropriate levels.
The Minister of Finance has directed that the assets and liabilities of the institutions to be liquidated and managed by the end of November.
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