KATHMANDU / The Government of Nepal and the World Bank today signed a$150 million (Rs. 17.78 billion) concessional loan agreement to support Nepal’s resilient recovery from the COVID-19 pandemic, protect the most vulnerable, and support sustainable growth.
The agreement was signed by the Finance Secretary, Sishir Kumar Dhungana on behalf of the Government of Nepal and the World Bank Country Director for Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.
“The project will help Nepal build back better and greener through reforms to the tax and customs systems, public investment management, environmental regulations and debt management,”stated Sishir Kumar Dhungana, Finance Secretary. “The proposed budgetary support will be utilized in the physical infrastructural projects and economic recovery sectors as per the requirement and priorities of the Government of Nepal.”
The first Fiscal
Policy for Growth, Recovery and Resilience Development Policy Credit further
supports reforms aimed at protecting the most vulnerable and supporting
business growth. Reforms in this area focus on social protection, the
intergovernmental framework, and supporting access to capital for firms. It will
help speed up the ongoing large development projects to creates job, accelerate
markets, and support green recovery. The financing will be provided to the
Government of Nepal through budgetary support.
.jpg)
.jpeg)
