FinMin asks WB to increase it assistance to Nepal

KATHMANDU, MARCH 11: Newly appointed Finance Minister Barsharam Pun has urged the World Bank (WB) to increase the volume of its assistance to Nepal in a meeting with Faris Hadad-Zervos,  Country Director for Maldives, Nepal and Sri Lanka held today in the capital,  he made such an appeal. “Since the Nepali economy is still reeling under some pressure both externally and internally, we want the WB to lend more support to Nepal,” Minister Pun told  FZervos.

According to Pun, the increased aid can well prove crucial in inserting the much-needed momentum to economic growth. During the meeting, he also said,” Nepal is ready to move ahead with ambitious  WB-funded projects like Upper Arun Hydropower, Digital Nepal Acceleration, Provincial and Local Roads Improvement.

In response, the Country Director asked for the needed cooperation on the part of the Nepali government to effectively execute these projects. He also apprised Pun about the preparations being made by the bank for the upcoming meeting of the International Development Association (IDA) under the World Bank, scheduled to convene in Kathmandu in June. The IDA, known for its provision of financial assistance, subsidized loans, and grants to developing nations including  Nepal.