June 17: The World Bank is providing Nepal $150 million in development policy credit to support recovery from the Covid-19. 

Issuing a statement, the World Bank said that its Board of Executive Directors today approved a $150 million development policy credit to support Nepal’s resilient recovery from the COVID-19 pandemic, protect the most vulnerable, and support sustainable growth.

“Amid the economic and social impacts of the pandemic, our priority is to provide immediate relief to affected populations and support Nepal’s green, resilient, and inclusive recovery,” the statement quoted Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka, as saying.  

The Nepal Programmatic Fiscal Policy for Growth, Recovery and Resilience will help strengthen Nepal’s institutions and regulations, including its tax and customs system, debt management, and public capital spending, according to the statement. It will also support the immediate health response and help modernize social protection programs, build access to capital and digital solutions for the private sector, and lay a regulatory foundation for a green recovery, read the statement. 

“This development policy credit supports the government of Nepal’s efforts to address the social and economic impacts of COVID-19 and overcome structural constraints to a resilient economic recovery,” stated Kene Ezemenari, Senior Economist and the World Bank’s Task Team Leader for the program.