Nepal appeals world community to increase concessional aid

KATHMANDU: Nepal has appealed to the international community to provide concessional assistance.

Addressing the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia, Finance Secretary Madhukumar Marasini asked for the provision of concessional assistance as large capital must be mobilised to address the economy and development aspirations that have weakened due to the Covid-19 pandemic.

He urged all development partners, including the Asian Development Bank, to increase financial and technical support, saying that Nepal has moved forward with the concept of green, resilient and inclusive development (GRID).

Secretary Marasini pointed out the need for collective efforts to make South Asia an area of emerging economic development and said that emphasis should be given for the same.  Pointing out the need for efforts, he said that emphasis should be placed on interdependence, innovation and digitization for the enhancement of interregional trade.

He said that after the Covid-19 pandemic, the Nepali economy has been affected by global economic challenges and in recent days, due to the contraction in economic activities due to revenue deficit and increasing debt obligations, Nepal, like many others, is facing slow economic growth and economic stagnation. Cooperation with the private sector has become inevitable.

Secretary Marasini shared that after the Covid-19 pandemic, the third investment conference was organised in Kathmandu to create an investment-friendly environment in Nepali economy. He mentioned that he believes that ADB can play an important role in creating an environment for investment in areas of comparative advantage such as tourism, hydropower and information technology.

Recalling that the ADB has been continuously supporting Nepal, Secretary Marasini expressed his gratitude for being a reliable partner in the development journey. He said that in the last decade, Nepal has advanced social inclusion and economic development together.