First Business News Portal in English from Nepal
KATHMANDU: The government today requested the World Bank (WB) to raise and give continuity to economic revival packages to Nepal. During a meeting with Hartwig Schafer, World Bank’s vice president for South Asian Region, today, Finance Minister Yubaraj Khatiwada said that Nepal is focusing on the implementation of big projects related to health, social security, small and medium enterprises (SMEs) and other projects to generate employment opportunities. Citing that the government is facing resources crunch to execute these projects and revive the economy, Minister Khatiwada urged the World Bank to extend further support to Nepal. The finance minister also mentioned that a majority of economic indicators of Nepal are positive despite the crisis brought about by the coronavirus pandemic but acknowledged that economic growth had contracted due to the severe impact of the pandemic on the country’s tourism, production and construction sectors. On the occasion, Schafer mentioned that World Bank’s portfolio performance in Nepal was the best in South Asia. Acknowledging that the economic indicators of Nepal were positive despite the pandemic-led crisis, he informed that the World Bank is supporting developing nations like Nepal to cope with the current crisis and help them revive their economies. “Efforts are also being made to defer the loan and interest payment period for developing countries like Nepal,” informed Schafer.
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