Fin Sector Reform Efforts Lauded

 

World Bank has lauded Nepal’s efforts towards budget implementation, financial sector reform and anti money laundering. A team of delegates led by Guillemette Jaffrin, Private Sector Development Expert at the World Bank, met Finance Secretary Shanta Raj Subedi last Thursday and discussed Nepal’s overall economic development and financial sector reform. The meeting also focused on formulation of a financial sector development strategy, restructuring of Nepal Bank Ltd. (NBL) and Rastriya Banijya Bank and increasing the capital structure of Nepal Rastra Bank, according to a press release issued by the Finance Ministry.

 

During the meeting, Finance Secretary Subedi told Jaffrin that Nepal has made a remarkable progress on the issue of anti money laundering at legal, policy and implementation level. Subedi further told Jaffrin that the ministry was working seriously towards increasing the capital spending. 

 

World Bank has been providing support to Nepal on banking and financial reform programmes. The World Bank has provided a US$ 30 million credit to help Nepal accelerate its financial sector reform program to reduce vulnerability of the banking sector and increase its transparency.