KATHMANDU: CPN-UML Deputy General Secretary Pradeep Gyawali has said that there is no alternative to implementing the ambitious Chinese project Belt and Road Initiative (BRI), during an interaction with editors organized by the UML’s Publicity Department on Wednesday.
Gyawali, a former Foreign Minister, addressed past decisions by the Nepali Congress, which had supported BRI grants but opposed loans, comparing it to the Millennium Challenge Corporation (MCC).
“On MCC, it took Congress six to seven years of negotiations before signing, yet they later muddled the process. Similarly, the BRI MoU was signed by a Congress-Maoist coalition government,” Gyawali said. “BRI is a concept, not a project in itself. It encompasses various projects like the Trans-Himalayan Multi-Dimensional Connectivity Network, which includes cross-border railways and roadways.”
He added that funding modalities are under discussion and a framework for implementation is being developed.
“Our principle is clear: we don’t accept grants or loans blindly,” Gyawali said, highlighting Nepal’s approach to funding.
Gyawali criticized delays in implementation, stating, “We must implement what has already been agreed upon. Nepal tends to cut first and measure later, leading to problems from MCC to BRI.”
He further warned against politicizing or stalling BRI as was done with MCC.
He also revealed that nine projects under BRI have been identified for Nepal, with discussions ongoing to finalize the framework. Regarding foreign loans, Gyawali noted that Nepal faces a resource deficit of NPR 5-6 trillion annually and must explore concessional loans as grants diminish.
Gyawali argued against selective borrowing. “If we decide not to borrow from China, we should apply the same to India and the U.S.,” he said, expressing hope that consensus on BRI will be reached before the Prime Minister’s upcoming visit to China.
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