ANTALYA (TURKIYE): Finance Minister Dr Swarnim Wagle has called for a special international financial package, including grants, concessional loans and debt relief, to support vulnerable countries, including Nepal, in post-disaster reconstruction and economic recovery.
Speaking at a discussion titled ‘Full Bill of Disaster: Debt, Credit Rating and Currency after Climate-induced Shocks and the Form of Support Package’, organized at the Nepal Pavilion during the ongoing 31st Conference of the Parties (COP31) here today, Minister Wagle said Nepal could not shoulder the financial burden of climate-induced disasters alone.
He said the government had to divert funds from other development and social sectors to mobilize resources for post-disaster rescue, relief and reconstruction. The disasters had directly and severely affected schools, hospitals, social security programmes and other development initiatives, he added.
Minister Wagle expressed gratitude to India, China, the United Kingdom, the United States, the European Union and countries in the Middle East and Gulf region for their support to Nepal during the disasters.
He also said Nepal had received nearly USD 20 million in grants from the UN Loss and Damage Fund for the first time. While welcoming the support, he noted that the fund’s available resources remained far below the needs of climate-vulnerable countries.
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