Nepal urges increased concessional aid from global community « Khabarhub
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Nepal urges increased concessional aid from global community

06 May 2024  

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KATHMANDU: During the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) in Tbilisi, Nepal’s Finance Secretary Madhukumar Marasini appealed to the international community for concessional assistance.

Marasini emphasized the necessity of mobilizing significant capital to address the economic and developmental setbacks caused by the Covid-19 pandemic.

Highlighting Nepal’s commitment to green, resilient, and inclusive development (GRID), Secretary Marasini called upon all development partners, including the ADB, to amplify financial and technical support.

He underscored the importance of collective efforts to foster emerging economic development in South Asia, emphasizing interdependence, innovation, and digitization to bolster interregional trade.

Marasini noted that the Nepali economy has been grappling with global economic challenges post-pandemic, resulting in slow growth and economic stagnation exacerbated by revenue deficits and escalating debt obligations. Collaboration with the private sector, he stressed, has become imperative.

Moreover, Secretary Marasini highlighted Nepal’s efforts to cultivate an investment-friendly environment, citing the recent organization of the third investment conference in Kathmandu.

He expressed confidence in ADB’s potential to facilitate investment in key sectors such as tourism, hydropower, and information technology, leveraging Nepal’s comparative advantages.

Expressing gratitude for ADB’s continuous support, Marasini hailed the institution as a steadfast partner in Nepal’s developmental journey.

He commended Nepal’s strides in fostering social inclusion and economic development over the past decade, underscoring the importance of sustained collaboration for further progress.

Publish Date : 06 May 2024 14:14 PM

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