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)