Markdown Test
# Fiscal Policy in Nepal: A 2026 Outlook
Nepal's fiscal trajectory depends on three **interlocking** variables:
revenue mobilization, capital expenditure, and debt servicing.
## Revenue Trends
- VAT collection grew 12% YoY
- Income tax remained flat
- Customs duties declined 3%
> The single biggest risk is *execution capacity*, not fiscal space.
### A simple model
$$ \text{Deficit}_t = G_t - T_t = \alpha Y_t + \varepsilon_t $$
| Year | Revenue (Rs bn) | Expenditure | Deficit |
|------|----------------:|------------:|--------:|
| 2023 | 1,023 | 1,278 | 255 |
| 2024 | 1,154 | 1,401 | 247 |
See [the full report](https://example.com/report) for details.
```python
def deficit(revenue, spending):
return spending - revenue