KATHMANDU, SEPTEMBER 29
The government of Nepal, along with the Asian Development Bank (ADB) and the World Bank (WB), today held a joint tripartite portfolio review meeting to evaluate the progress of projects supported by ADB and the World Bank and address key issues hindering portfolio performance.
Chaired by Nepal's Finance Minister Prakash Sharan Mahat and Finance Secretary Krishna Hari Pushkar, the meeting was attended by senior officials from the government of Nepal, project directors, and staff from ADB and the World Bank.
Participants discussed the current status of the projects and deliberated on identified challenges that, if not resolved, could affect overall portfolio performance.
Minister Mahat expressed gratitude to ADB and the World Bank for their long-standing support to Nepal's development.
He emphasised the importance of interdepartmental coordination to expedite tasks, ensuring that development projects stay on course to achieve their intended outcomes, contribute to poverty reduction, and support sustainable development.
"The Ministry of Finance remains committed to timely budget allocation," he added.
ADB Officer-in-Charge for Nepal, Arnaud Heckmann, commended the Ministry of Finance's proactive approach in addressing issues to ensure project success.
He stressed the significance of timely project implementation in maximising development impact, efficient resource utilisation, and achieving results on the ground.
"We will continue to collaborate with implementing agencies to mitigate potential delays and ensure that our projects remain on track," said Heckmann.
World Bank Country Director for Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos, praised the government's efforts in expediting project implementation and timely delivery of both externally and domestically financed projects.
"We are committed to work together to enhance project performance and prioritise tangible development results for the betterment of the Nepali people, particularly those who are marginalised and vulnerable. Nepal has been able to do this in the past, and there is no reason why we cannot optimise performance again," he added.
To overcome challenges and accelerate project implementation and disbursement, the Ministry of Finance, relevant ministries, implementing agencies, ADB, and the World Bank have collectively agreed upon specific actions.
A version of this article appears in the print on September 30, 2023, of The Himalayan Times
