KATHMANDU: Finance Minister Barshaman Pun and Martin Rager, Vice President of the World Bank for South Asia, convened today in Kathmandu.

Rager, currently in Nepal to lead the World Bank Group during the Third International Investment Summit, discussed the upcoming 21st meeting of the World Bank’s International Development Association (IDA), slated to be held in Kathmandu from June 18-21.

The Finance Ministry revealed that Ajay Banga, President of the World Bank Group, would also attend the meeting.

Rager mentioned that high-ranking World Bank officials would conduct onsite visits to various ongoing projects funded by the World Bank following the IDA meeting.

Minister Pun assured arrangements for the onsite visits and informed that preparations for the IDA meeting were underway.

He mentioned the formation of an organizing committee led by Finance Secretary Madhu Kumar Marasini and a Management and Coordination Committee headed by Srikrishna Nepal, Head of the International Economic Cooperation and Coordination Division under the Finance Ministry, to oversee the meeting’s preparations.

Both committees have already initiated relevant activities.

Representatives from 92 countries, including World Bank President Ajay Banga, will participate in the IDA meeting.

The IDA, a division of the World Bank, supports the world’s poorest countries through zero-low interest loans and grants aimed at enhancing economic growth and improving living conditions.

Nepal was selected as the host country for the IDA meeting following proposals from various nations, including Nepal.

This marks the first time Nepal is hosting such a high-level meeting of the World Bank Group.

The IDA meeting occurs once every three years, with the 20th meeting held in Japan from December 14-15, 2021.

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