16 August 2024, Kathmandu
The World Bank has announced plans to increase its budgetary support to Nepal, a move aimed at bolstering the country’s investment climate and supporting economic reforms.
World Bank to Boost Budgetary Support
This decision was confirmed during a virtual meeting between World Bank Vice President for South Asia, Martin Razer, and Nepal’s Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel on Thursday.
During the meeting, Razer emphasized the importance of improving the investment environment, advancing economic reforms, and fostering employment growth. He also highlighted the need for continued support to help Nepal complete key projects on schedule.
Finance Minister Paudel expressed appreciation for the World Bank’s continued assistance and noted that the formation of a stable government in Nepal has created a favourable environment for increased investment. He underscored the necessity of enhanced support to ensure timely project completion and further cooperation with the World Bank.
The World Bank had previously provided Nepal with $205 million in budgetary aid in the last financial year. As the largest donor agency in Nepal, the World Bank’s increased support will significantly contribute to the country’s development goals. Nepal regularly receives budgetary loans and grants from the Bank, and the latest increase in aid reflects Nepal’s growing needs and the Bank’s commitment to addressing them.
Finance Minister Paudel was joined in the meeting by International Economic Assistance Coordination Division Chief Dhaniram Sharma, Budget Division Chief Shri Krishna Nepal, Finance Secretary Ram Prasad Ghimire, and other officials. The enhanced support is expected to facilitate further progress in Nepal’s economic development and investment initiatives.
World Bank to Boost Budgetary Support
