Kathmandu, Oct. 15
Nepal’s Finance
Minister Rameshore Prasad Khanal held a series of high-level meetings at the
sidelines of the annual meetings of the World Bank and the International
Monetary Fund (IMF), in Washington D.C. on Wednesday.
According to the
Ministry of Finance (MoF), the meetings focused on securing trade benefits,
attracting foreign investment, and promoting financial stability for Nepal.
The meeting between FM
Khanal and the United States Trade Representative discussed boosting mutual
trade and investment between Nepal and the US.
He formally requested
an extension of the Nepal Trade Preference Program (NTTP), a vital mechanism
for Nepali exports. Separately, the Minister met with a representative from the
US State Department to discuss strengthening bilateral ties and exploring other
issues of mutual interest, read a statement issued by the MoF.
Likewise, Minister
Khanal pressed development partners for increased funding. He held separate
discussions with representatives from the Saudi Fund and the Japan
International Cooperation Agency (JICA), and urged both to increase their
investment commitments in Nepal’s infrastructure and human development sectors.
Following the plea,
the Saudi Fund representative confirmed that the Fund would commit investment
to crucial irrigation and hydropower projects in Nepal. Similarly, the dialogue
with the JICA representative focused on expediting ongoing infrastructure
works, including the restoration of the BP Highway, and the swift progress of
both the Nagdhunga Tunnel Road and the Koteshwar Section projects.
Minister Khanal also
engaged in talks with Krishna Srinivasan, the Director for the Asia and Pacific
Department at the IMF, regarding the nation's financial stability. They talked
about the continuation of the Extended Credit Facility (ECF) programme, which
is supported by the Fund.
They also exchanged
views on necessary amendments to the Nepal Rastra Bank Act, reviewing the loan
portfolios of commercial banks, and measures to maintain overall financial
stability in the country.
Governor of the NRB Bishwo
Nath Poudel was present during this meeting.
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