I doubt on data collection method of World Bank : Finance Minister

Aarthiknews

Kathmandu, Dec 12. Minister of Finance, Government of Nepal, Dr. Yubaraj Khatiwada has expressed his doubt on the data collection methodology of World Bank. He was speaking on a program organized by World Bank at Kathmandu where the organizer was announcing ‘Nepal Development Update.’

Focusing on the fact that shows the differences between the data collected by Government of Nepal and World Bank, Dr. Khatiwada said, ‘I think, there is some problem in the data collection methodology of World Bank.’ He strongly repeated that there is not any change on the economic growth rate set by the government. He declared, ‘till now our target is 8.1 percent and it hasn’t changed so, everyone has to be cleared and get out from illusion.’

Khatiwada claims currently the current account of Nepal is in good condition. So, he suggests to the World Bank to add the fact on its next report. He informed to the participant that Government is preparing to set fiscal year 2009/10 as new base year for GDP calculation instead of FY 2000/01.

According to Minister Khatiwada, Government of Nepal is in process of issuing a new law regarding data collection. He said, ‘the draft is already approved by the cabinet and it will be registered on parliament soon.’ He seems aware about the lack of proper data. ‘Data that has been collected is traditional and there is adverse effect of such data on development’, minister said.

Though Khatiwada was worried on the report that was developed on the basis of sample survey, he seems satisfactory on the current situation of Nepal. He said, ‘it is good that the index of economic development is positive.’ He was comparing Nepal’s economic growth with worldwide trade deficit and decreasing investment trend.

World Bank’s report shows that the economic growth of Nepal in 2019 is only 7.1 percent. It has projected that such growth will only 6.5 percent in 2020.

 

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