World Bank to Increase Budgetary Aid to Nepal

In a significant development, the World Bank has announced plans to increase its budgetary aid to Nepal. This decision was revealed during a virtual meeting held today between the Vice President for the South Asia Region of the World Bank, Martin Raiser, and Nepal’s Deputy Prime Minister and Finance Minister, Bishnu Prasad Paudel.

During the meeting, Vice President Raiser discussed the enhancement of budgetary assistance and emphasized the need for improvements in Nepal’s investment environment, economic reforms, and employment growth. These areas are seen as crucial for Nepal’s sustained economic development.

Last financial year, Nepal received $205 million in budgetary aid from the World Bank. The proposed increase in aid reflects the World Bank’s continued commitment to supporting Nepal’s economic growth and development.

In response, Finance Minister Paudel expressed optimism about the future, citing the presence of a stable government as a key factor in creating a conducive environment for increased investment. He also pledged to work collaboratively with the World Bank to ensure the timely completion of ongoing and future projects.

This increase in aid is expected to play a vital role in bolstering Nepal’s economic stability and growth in the coming years.