World Bank urged to up development assistance to Nepal

Kathmandu, March 11: Finance Minister Barshaman Pun on Monday held a meeting with Faris Hadad-Zervos, the Country Director of the World Bank for the Maldives, Nepal and Sri Lanka, at the Ministry of Finance and urged to increase the World Bank's economic and technical assistance to Nepal.     

According to Minister Pun's secretariat, he urged the World Bank's Country Director to prioritize Nepal as the economy here was still under pressure.     

Minister Pun also expected a higher level of coordination and cooperation from the World Bank for being a key development partner of Nepal.     

He underscored the need for the World Bank's assistance in employment generation and expediting economic activities. "The economy is under pressure to some extent due to some internal and some external reasons. We have expected further assistance from the World Bank in this challenging situation," Finance Minister Pun said.     

Minister Pun shared that he was working to ensure reforms in the public finance sector and increase capital expenditure.     

Likewise, Minister Pun shared that the Nepal government was implementing the World Bank's ambitious Upper Arun Hydropower Project, the province and local road infrastructure development project and the digital Nepal project with priority.     

On the occasion, the World Bank's Country Director drew the attention of Minister Pun for the coordination on the part of the government to ensure satisfactory results of the World Bank-funded projects.     

Country Director Faris Hadad-Zervos also informed the Finance Minister about the new partnership strategic framework being developed by the World Bank.     

Furthermore, he informed Minister Pun about the preparations for the meeting of the International Development Association (IDA) of the World Bank to be held in June 2024 in Kathmandu.     

The IDA is extending fiscal assistance, concessional loans and grants to developing countries. (RSS)