Friday, 21 January, 2022

IMF approves concessional loan to Nepal


Kathmandu, Jan 15: IMF (International Monetary Fund) has approved a Rs 46.7 billion ($ 395.9 million) concessional loan to Nepal.

IMF has been providing this loan facility through enhanced credit facility (ECF) at zero interest.

The ministry of finance (MOF) informed that from this approximately Rs 13.04 billion will be provided in the first instalment soon. The remaining amount will be gradually released.

This loan will be used as assistance being taken by Nepal for health and economic activities affected by Covid 19, protection of poor people, stability of economic and finance, sustainable development and alleviation of poverty.

The amount is received from the IMF will be included in the budget. This amount will be spent on the basis of necessity and priority. The amount being received has been included in the current budget as one of the sources of budget.