Nepal Receives Loan Assistance of Rs 51.33 Billion in Current FY

  198 times read   1 min 49 sec to read
Nepal Receives Loan Assistance of Rs 51.33 Billion in Current FY

January 21: Nepal has received loan assistance of Rs 51.33 billion from eight donor agencies in the first six months of the current fiscal year 2019/20. The Financial Comptroller General’s Office informed that the loan assistance was provided by Asian Development Bank, World Bank as well as India, China, Japan.

Nepal had received loan assistance of Rs 48.78 billion in corresponding period of last fiscal year.

During the review period, Nepal received the maximum amount of loan from the World Bank worth Rs 21.2 billion followed by ADB (Rs 14.18 billion) and IFAD (Rs 70 million), the Financial Comptroller General’s Office said.

Likewise, Japan provided Rs 5.96 billion to Nepal while China’s loan assistance was Rs 5.56 billion followed by India (Rs 4.17 billion).

The government has signed agreements with donor agencies like the World Bank, ADB, EU for foreign assistance worth Rs 93 billion in the current fiscal year for the implementation of its policies and programmes.

Among those agreements, ADB has pledged to provide Rs 40.45 billion and the World Bank Rs 35 billion. Other donor agencies and countries to pledge financial assistance include EU, Norway, USA (11.14 billion); Saudi Arabia (Rs 3 billion); Switzerland (Rs 1 billion) and Japan (Rs 940 million).

Officials at the Ministry of Finance say that some of the agreements have already been implemented while the government is in talks with the donor agencies for the remaining projects which are yet to be implemented.

The government intends to meet the budget expenditure of the current fiscal year with foreign grants of Rs 58 billion and foreign loan of Rs 497 billion.

 

No comments yet. Be the first one to comment.