Finance Minister Urges World Bank to Boost Aid for Nepal

Newly elected Finance Minister Barshaman Pun has called upon the World Bank (WB) to increase its financial assistance to the country. During a meeting with Faris Hadad Zervos, the World Bank Country Director for Nepal, Maldives, and Sri Lanka, Minister Pun emphasized the critical need for additional support, citing Nepal’s enduring economic struggles.

Minister Pun highlighted Nepal’s high expectations of the World Bank as one of its principal development partners. He stressed the pivotal role of the WB’s assistance in bolstering government expenditures, fostering job creation, and accelerating economic activities crucial for Nepal’s growth trajectory.

“Nepal’s economic condition is facing both domestic and foreign pressures,” Minister Pun asserted. “I anticipate additional financial aid from the WB to effectively address these challenges.”

Furthermore, Minister Pun outlined plans to expedite key projects such as the Upper Arun Hydro Project, alongside initiatives focused on provincial and local road infrastructure and digital technology.

During the meeting, Faris Hadad Zervos underscored the importance of Minister Pun’s coordination in ensuring the smooth execution of World Bank-funded projects within Nepal. Zervos also briefed Minister Pun on the outline of the WB’s new partnership strategy, aimed at enhancing collaboration and maximizing developmental impact.

Zervos further disclosed preparations 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, plays a crucial role in supporting Nepal’s development agenda.

Minister Pun’s proactive engagement with the World Bank signals Nepal’s determination to leverage international partnerships to navigate its economic challenges and propel sustainable growth.