Finance Minister Paudel, WB regional vice-chair Zutt hold meeting

Kathmandu, Sept 2: Visiting World Bank Vice President for South Asia, Johannes Zutt, paid a courtesy call on Deputy Prime Minister and Minister for Finance, Bishnu Prasad Paudel, on Tuesday.     

During the meeting, which took place at the Ministry of Finance, they discussed a wide range of issues including the overall economy, urban and physical infrastructure, investment, tourism, and the environment, according to the Finance Minister’s Secretariat.     

Stating that Nepal’s economic indicators have significantly improved this year compared to last year, the Finance Minister informed the World Bank (WB) official that Nepal has undertaken reforms in policy, structure, and implementation procedures.     

He added that a Country Partnership Framework (CPF) prepared by the World Bank for the next six years aligns with Nepal’s needs and the government’s priorities. Nepal looks forward to collaborating with the World Bank in formulating plans and programmes under this framework.     

Minister Paudel also informed Zutt that the Alternative Development Finance Mobilisation Bill has already been passed by the House of Representatives and is currently under discussion in the National Assembly. He expressed hope for cooperation from the World Bank in achieving the goals envisioned by the bill.     

In response, Zutt assured Nepal of continued World Bank support to help the country achieve high economic growth. He said the World Bank would cooperate with Nepal on urban development projects in Lumbini and the Kathmandu Valley, as well as efforts to reduce environmental pollution and promote economic growth. He also advised that the private sector should be actively involved in these initiatives.     

Praising Nepal’s improvement in economic indicators, Zutt spoke the need for the country to further expand its investment sectors.     

He expressed his belief that with the enactment of laws relating to the Alternative Development Finance Mobilisation, Nepal could explore new areas for infrastructure investment. “This will play an important role in attracting private sector investment and boosting economic growth,” he said, urging Nepal to focus on increasing both investment and productivity. (RSS)