Help countries that missed industrial revolutions: PM Prachanda

Kathmandu, June 18: Prime Minister Pushpa Kamal Dahal 'Prachanda' has urged the developed countries to help address challenges faced by the countries which missed industrial revolutions.    
    
PM Prachanda made such an urge while inaugurating the 21st replenishment meeting of IDA (IDA21) that kicked off in the federal capital, Kathmandu this morning. The World Bank’s International Development Association (IDA) has been a committed partner in South Asia for over six decades.    
    
PM Prachanda argued that assistance to the countries lagging behind industrial development was essential for achieving the global goal of peace and prosperity. The development pace could be intensified through the concessional financial aid, according to him.    
    
"The aid can be mobilized for just access to resources, technology and investment. The inclusive economy can be promoted by ending existing financial gaps," he reminded, adding that initiatives of sustainable development warrant support.    
    
The Head of the Government informed Nepal was in a short supply of financial resources to meet sustainable development goals (SDGs), Nationally Determined Contributions (NDC) and sustainable infrastructures despite its efforts for inclusive economic development. The revenue constraint and trade loss are nagging problems, he reminded. Therefore, financial assistance in grants is required for Nepal to create jobs, spur economic activities and upgrade the country's status from LDC.    
    
"Human capital, health, and quality education need financial resources. Quality enhancement of infrastructure and people's lifestyle are our priorities," PM Prachanda said, "Digitalization, investment in productive sectors, promotion of entrepreneurship, and skill development are also in focus."    
    
The issue of food security triggered by climate change is equally worth mentioning. The achievements made so far must not be reversed. "Nepal has been advocating for climate justice along with compensation for loss and damages, for it is bearing the disproportionate effect of climate change," PM Prachanda mentioned, making aware the participants of Nepal's efforts on hardships like earthquakes, COVID-19 and global recession.    
    
Moreover, Prachanda believed that the IDA-21 meeting would be successful in forging a consensus among the donors and recipients on the documents of policy priorities and results for the coming three years, and make high-level resolutions to address unprecedented challenges.    
    
Nepal and other receiving countries want to see larger impacts of IDA, he reiterated.    
    
PM's address features Nepal's potentials along with political stability like hydropower, tourism, agriculture and diligent youths. IDA is a significant development partner in Nepal. It had provided huge financial resources for the reconstruction after the 2015 Earthquake, he shared.    
    
Senior Managing Director at World Bank, Axel van Trotsenburg, viewed the meeting will providing a guideline for the mobilization of IDA resources in addition to making plans for the coming decade.    
    
On the occasion, the Managing Director at Dwarika Hotel, Sangita Shrestha, urged the development partners and policymakers to work actively for the effective mobilization of financial resources that cater to sustainable development efforts.    
    
The event attended by over 200 representatives from 61 countries including high-level officials of the World Bank runs through June 21. (RSS)