Finance Ministry starts homework on resource management for disaster recovery

KATHMANDU, OCTOBER 6: The Ministry of Finance has initiated an assessment of the economic impact and resource management needs following the recent floods and landslides. During a meeting of the Ministry's High Management Team today, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel instructed the Ministry to conduct the necessary groundwork, emphasizing that additional funds and resources will be required for rescue, relief, and reconstruction efforts.

The floods and landslides, triggered by continuous heavy rains on September 27, 28, and 29, have led to significant loss of life and property. According to Finance Minister Paudel, the disaster has severely impacted private homes, roads, hydropower projects, educational institutions, agriculture, and the trade and industrial sectors. These damages are expected to adversely affect the economy, which was on a path to recovery prior to the disaster.

Despite these challenges, Minister Paudel highlighted the need for a systematic approach to relief and reconstruction to lay the groundwork for sustained economic growth.

Prior to the disaster, economic reports from the Ministry of Finance, the International Monetary Fund, the World Bank, and the Asian Development Bank had all indicated that Nepal’s economy was on an upward trajectory.