Finance Minister Pun Heads to US for WB and IMF Meetings

Minister of Finance Barshaman Pun departed for the United States to participate in a joint meeting of the World Bank and International Monetary Fund. Minister Pun, accompanied by a four-member delegation, traveled to Washington DC via Qatar Airways this morning, as informed by Minister Pun’s secretariat.

The delegation includes Chief of the Ministry’s International Economic Cooperation and Coordination Division Sri Krishna Nepal, Under-Secretary Kanchan Basnet, responsible for the WB desk within the same division, and another Under-Secretary Bhupal Raj Shakya, who also serves as the personal secretary to Minister Pun. During the three-day visit to the US, Minister Pun is scheduled to meet with several high-ranking officials, including WB’s Managing Director Anna Bjerde, WB’s Vice Presidents for South Asia, Development Finance Operations, and Infrastructure, Martin Riser, Akihiko Nishio, and Guangzhe Chen respectively, as well as Vice President of International Finance Corporation (IFC) Ricardo Puliti and Assistant Managing Director of the International Monetary Fund (IMF) Bo Li.

Additionally, Minister Pun is slated to hold separate meetings with officials from the US Agency for International Development (USAID), the US International Development Finance Corporation (DFP), President of the American Chamber of Commerce Atul Kasyap, representatives from the private sector, and non-resident Nepalis. Furthermore, Minister Pun will deliver a keynote address at the ministerial meeting of Group V-20, a forum dedicated to advocating for climate change mitigation and increased financial support during the global economic transition period.

Minister Pun will also participate in sideline discussions on the high-level climate nexus and clean energy transition in South Asia, along with various bilateral and multilateral meetings. Among the agenda items, Minister Pun will discuss preparations for the International Development Association (IDA)-21 meeting, prioritize investment partnerships with the World Bank in Nepal for the next five years, and oversee the financial management of the 1,063 MW Upper Arun Semi-Reservoir Hydropower Project in Sankhuwasabha, along with other ongoing projects.

Prior to his departure, Minister Pun had engaged in discussions with Energy Minister Shakti Bahadur Basnet, Managing Director of Nepal Electricity Authority Kulman Ghising, and resident chiefs of the World Bank and Asian Development Bank in Kathmandu. It was agreed in the meeting that the financial management of the Upper Arun Project would be expedited, with the World Bank taking the lead due to its significance as a ‘game changer’ project.

During the World Bank and IMF meeting, Minister Pun intends to update development partners and the private sector, including the World Bank, on the government’s reform efforts aimed at fostering an investment-friendly environment in Nepal. He will also urge increased support towards achieving the Sustainable Development Goals and the reconstruction of infrastructure, health, and education facilities, as well as private residences and educational institutions damaged by the earthquake in Jajarkot, Rukum, and Bajhang.

Minister Pun emphasized that discussions would focus on effectively implementing assistance from international development partners for policy reforms, as well as identifying further areas and potentials for cooperation.