Finance Minister and IMF Mission Chief review ECF

Kathmandu, June 2: Visiting International Monetary Fund (IMF) Mission Chief, Sarwat Jahan, today paid a courtesy call on Deputy Prime Minister and Minister for Finance, Bishnu Prasad Paudel. 

During the meeting held at the Finance Ministry, the two made the sixth review of the Extended Credit Facility (ECF), discussing the economic structural issues. 

Due to a sharp decline in foreign exchange reserves, Nepal reported a significant deficit in its balance of payments and subsequently obtained an Extended Credit Facility equivalent to USD 395.9 million in 2022. This amount equals to 180 percent of Nepal's Special Drawing Rights (SDR) quota. The IMF agreed to disburse the loan in several installments over a four-year period to support budget financing.

An IMF mission team is presently in Nepal for the sixth review of this loan facility. (RSS)