IMF mission holds discussion with CBFIN

Kathmandu, Feb. 23

The mission of the International Monetary Fund (IMF), which is currently in Nepal visit, discussed the banking and current economic status with the Confederation of Banks and Financial Institutions, Nepal (CBFIN) the other day.

The mission led by Jarkko Turunen, Deputy Division Chief and Deputy Mission Chief for India in the Asia and Pacific Department (APD), interacted with CBFIN’s Vice President, Rajesh Upadhyay, Secretary General, Rajan Singh Bhandari, Executive Committee Member, Radhesh Pant, and Director General, Dr. Gopal Prasad Tiwari.

According to CBFIN, IMF mission chief stated that the mission was here to review the current state of the economy and consult with related stakeholders in the post-Covid scenario. Other members of the mission are Teresa Daban Sanchez, IMF's resident representative in Nepal, and Russell Green, a senior economist with the IMF in Washington, DC.

CBFIN updated the mission about various issues the economy is currently facing such as growing import, problems with liquidity, declining profits of banks and financial institutions, declining capital market performance, increasing non-performing loans, interest, and lack of loanable funds.

The IMF mission members said they will assess the current economic difficulties, as well as make policy recommendations, and submit them to the IMF board.

Every six months, the IMF conducts reviews of economic issues and makes policy recommendations to help the economy achieve sustainable economic growth with the implementation of suitable monetary instruments.

Published in The Rising Nepal daily on 24 February 2023.