PM says Nepal won’t rely on foreign debt

Kathmandu, December 7

Prime Minister KP Sharma Oli  has said that the government is planning to make optimum use of domestic resources rather than rely on foreign debt to build a prosperous Nepal.

The made the remarks during today’s full meeting of the National Planning Commission (NPC), the apex body that frames the country’s development plans and policies.

“We will not focus on acquiring foreign loans even if they are interest-free,” said PM Oli, adding, “Even interest-free foreign loans can add liabilities at a time when the value of dollar is appreciating. We should, therefore, look for ways to use available resources in an efficient manner.”

He, however, did not explain how the country can create enough wealth to build development projects that can cost tens of billions of dollars. But he said the upcoming periodic plan will contain policies on “making the country prosperous using available resources”.

Nepal is currently implementing 14th periodic plan. Periodic plans guide the development process of the country, and annual budgets are aligned with these plans. The existing period plan will expire at the end of the current fiscal year, as it had the tenure of three years.

“The NPC has expedited formulation of 15th Plan,” the PM said, adding, “We have to make maximum use of technology in the development process of every sector, as this is the only way we can accelerate the pace of development.