Politics

FinMin Pun urges WB to augment financial aid for Nepal

Nepalkhabar

16:09PM Mar 11,2024 | Kathmandu

Finance Minister Barshaman Pun (right) and Faris Hadad Zervos, the World Bank Country Director for Nepal, Maldives and Sri Lanka. (Photo: Finance Minister's Secretariat)

Newly elected Finance Minister Barshaman Pun has urged the World Bank (WB) to increase financial aid for Nepal.

Finance Minister Pun urged Faris Hadad Zervos, the World Bank Country Director for Nepal, Maldives and Sri Lanka, to prioritize Nepal saying that it is still facing financial crisis.

Nepal has high expectations for the WB due to its status as one of Nepal’s largest development partners.

As a development partner, the WB’s assistance is indispensable for Nepal to increase government’s expenditures, create employment opportunities and to expedite economic activities, said Pun.

“Nepal’s economic condition is under domestic and foreign pressures,” Pun said, “I have expected additional financial aid from the WB to tackle these challenges.”

Pun further said that the Upper Arun Hydro Project, and other projects related to provincial and local road infrastructure development and digital Nepal will be expedited.

During the meeting, Faris called for Minister Pun’s coordination to smoothly run the World Bank-funded projects in the country. He also briefed Minister Pun on the outline of the new partnership strategy developed by the WB.

He informed about the preparation for the meeting of the International Development Association (IDA) under the World Bank to be held in Kathmandu in June.

The IDA has been providing financial assistance, subsidized loan and grant to developing countries.

FinMin Pun urges WB to augment financial aid for Nepal

Nepalkhabar

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