Finance Minister Barshaman Pun met with Faris Hadad-Zervos, the Country Director of the World Bank for the Maldives, Nepal, and Sri Lanka at the Ministry of Finance on Monday.
During the meeting, Minister Pun urged the World Bank to enhance its economic and technical assistance to Nepal. He emphasized the importance of prioritizing Nepal due to the ongoing economic challenges.
Minister Pun also highlighted the need for cooperation and coordination from the World Bank, considering its role as a key development partner for Nepal.
“The economy is under pressure to some extent due to internal and external factors,” stated Finance Minister Pun.
He expressed the expectation of further assistance from the World Bank in this challenging situation. Minister Pun is actively working on reforms in the public finance sector and aims to increase capital expenditure.
Additionally, Minister Pun informed about Nepal’s implementation of several significant projects funded by the World Bank, including the Upper Arun Hydropower Project, province and local road infrastructure development, and the digital Nepal project. These initiatives are being given priority in Nepal’s development efforts.
During the meeting, the World Bank’s Country Director also discussed the new partnership strategic framework developed by the World Bank. Likewise, Minister Pun was briefed on the preparations for the International Development Association (IDA) meeting scheduled for June 2024 in Kathmandu.
The IDA provides fiscal assistance, concessional loans, and grants to developing countries
