Kathmandu, Jun. 17
The World
Bank’s Board of Executive Directors has approved a $150 million development
policy credit to support Nepal’s resilient
recovery from the COVID-19 pandemic.
A statement issued by the WB headquarters in Washington, USA, informed
that the support is aimed at protecting the most vulnerable, and supporting
sustainable growth.
“Amid the economic and social impacts of the
pandemic, our priority is to provide immediate relief to affected populations
and support Nepal’s green, resilient, and inclusive recovery,” stated Faris Hadad-Zervos, World Bank Country
Director for the Maldives, Nepal, and Sri Lanka.
It is
supposed to help strengthen Nepal’s
institutions and regulations, including its tax and customs system,
debt management, and public capital spending.
It will also
support the immediate health response and help modernise social protection
programmes, build access to capital and digital solutions for the private
sector, and lay a regulatory foundation for a green recovery, read the
statement.
“This development policy credit supports the government of Nepal’s
efforts to address the social and economic impacts of COVID-19 and
overcome structural constraints to a resilient economic recovery,” said Kene Ezemenari, Senior Economist and the
World Bank’s Task Team Leader for the programme.
Published in The Rising Nepal daily on 18 June 2021.
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