Nepal is to borrow Rs 48 billion from the International Monetary Fund (IMF).
It is mentioned in the release issued by the fund that an agreement has been reached between the IMF and Nepal for this.
During the Hybrid Mission to Nepal on October 20-29, November 17-18 and November 30-December 2, led by Robert Gregory of the IMF, a bilateral agreement was reached on a 38-month program under the Extended Credit Facility (ECF) of the loan facility, the fund said.
To support the program, the fund will provide a loan facility of US $ 400 million (Rs. 48.25 billion).
The agreement is expected to be approved by the IMF’s management and executive board soon, according to a statement issued by the fund.
In particular, the IMF has focused on economic transparency and good governance in order to reduce the impact of cowardice and increase economic activity, health and social sectors, and employment.
Similarly, the program will help strengthen the defense of the country’s economy, financial stability, adequate monetary reserves, and regulation and monitoring of the financial sector. In addition, the program will help in sustainable economic growth, poverty reduction, the IMF said.
The IMF team had discussions with the officials of the Ministries including the Finance Secretary in Nepal.