KATHMANDU, NOVEMBER 24
The Government of Nepal and the Asian Development Bank (ADB) have signed an agreement for a concessional loan amounting to Rs 13.3 billion (USD 100 million) to implement programs focused on Public Finance Management and Strengthening Service Delivery.
The agreement was signed today at the Ministry of Finance between Finance Secretary Krishna Hari Pushkar and Arnaud Cauchois, the Regional Country Director of Asian Development Bank Nepal.
"Public Finance Management and Strengthening Service Delivery are major priorities for the government. This concessional loan will support the restructuring of public finance and contribute to fiscal federalism," stated Finance Secretary Pushkar.
The government has been making concerted efforts to strengthen public finance management and public service delivery through various reformative measures outlined in the current fiscal year's budget, added Finance Secretary Pushkar.
Similarly, Regional Director Cauchois expressed confidence that the loan would assist in making Nepal's financial system sustainable and enhance the effectiveness of the government's periodic programs.
He further noted that the loan obtained from the ADB under this title is linked to Nepal's medium-term and long-term national plan to upgrade the country to a middle-income status by 2030.
This concessional loan serves as budgetary assistance for Nepal, with the first phase of the Public Finance Management and Strengthening Service Delivery already implemented. The current loan is earmarked for the second phase of implementation.
