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Nepal initiated steps for economic reforms: PM Dahal



Kathmandu, June 18: The World Bank’s Senior Managing Director (MD), Axel van Trotsenburg, paid a courtesy call on Prime Minister Pushpa Kamal Dahal at the latter’s official residence in Baluwatar.

According to the PM’s secretariat, the two discussed the issues of Nepal’s development, the World Bank’s support to Nepal’s development endavours and other aspects.

The World Bank’s Senior Managing Director Axel van Trotsenburg arrived in Kathmandu on Monday on his official visit to Nepal to chair the Third Replenishment Meeting of the World Bank’s fund for low-income countries, the International Development Association (IDA).

On the occasion, the PM said that the World Bank, as a stable development partner, has been providing reliable resources for Nepal’s development and financing for the past six decades.

Saying that his government has initiated the steps for economic reforms through the new budget and policy document, the PM assured the World Bank’s Senior Managing Director of favourable environment for foreign investment and prudent financial management.

The PM shared that energy, tourism, agriculture business and information technology are the key sectors of comparative advantages in Nepal.

Stating that Nepal has been seriously impacted by the climate change, PM Prachanda said Nepal has been regularly advocating for climate justice in the international forums and hoped that the World Bank will have a crucial support for Nepal in this effort.

On the occasion, Trotsenburg pledged the World Bank’s support to Nepal’s economic development. Trotsenburg is scheduled to chair the Third IDA21 Replenishment Meeting hosted by the government in Kathmandu on June 18-21.

The International Development Association (IDA) is working with donors and borrowing countries to replenish resources that will be used to deliver on global development goals, according to the World Bank.

The four-day IDA21 meeting will bring together officials from 65 donor governments and representatives of borrowing member countries who will discuss the proposed IDA21 policy focus areas—people, planet, prosperity, infrastructure, and digitalization, it is stated.

WB Senior MD Trotsenberg calls on Finance Minister Pun

Meanwhile, Senior Managing Director of the World Bank, Axel van Trotsenberg, met with Finance Minister Barshman Pun at the Ministry of Finance in Singha Durbar.

Trotsenberg is to Nepal to participate in IDA-21, the third replenishment meeting of the International Development Association (IDA) under the World Bank Group, which will start from Tuesday in Kathmandu.

Along with Trotsenberg, the Vice Presidents of the World Bank, Akihiko Nisio and Martin Razer, and the newly appointed Nepal director, David Sislen, also participated in the meeting.

During the meeting, Minister Pun thanked the World Bank management for choosing Nepal as the venue for IDA-21 meeting, and pledged full support from the Government of Nepal to make the meeting a grand success.

On the occasion, Minister Pun praised the Bank’s generous support for Nepal’s development including the continuous interest and commitment shown in the construction of the Upper Arun and Dudhkoshi hydropower projects.

Through the 21st IDA meeting, he requested the World Bank to give priority not only to financial support but also to the fields of knowledge and innovation.

In reply, World Bank Managing Director Trotsenberg congratulated and thanked Nepal for hosting the third replenishment meeting of IDA-21. Discussing the long partnership between Nepal and the World Bank, he said that Nepal has always been given top priority and cooperation will be strengthened in the future as well.

 


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