IMF delegation calls on Minister Pun, praises Nepal’s efforts for advancing monetary policy

KATHMANDU: A delegation from the International Monetary Fund (IMF) called on Finance Minister Barshaman Pun on Thursday.

The delegation is led by Dr Tidiane Kinda, the Deputy Division Chief for the Asia and Pacific Department and the IMF Mission Chief for Nepal.

The delegation called on the minister at the latter’s office in Singha Durbar.

During the meeting, the two sides discussed the allocation of the fourth installment of loan assistance under the Extended Credit Facility-ECF to Nepal, according to the minister’s Secretariat.

It may be noted that the IMF Executive Board had in January 2022 agreed to provide 398.08 million US dollars to Nepal under the ECF during the COVID-19 pandemic.

Of the total promised assistance, Nepal expects to receive 42 million US dollars (Rs five billion 590 million) as the fourth and final installment.

Before deciding to allocate the fourth installment of ECF, the IMF makes a review of the progress over the implementation of commitments and the IMF delegation has been in Nepal for the same purpose.

During the meeting, the minister told the IMF delegation that economic stability, good governance and fiscal discipline are the top priorities of the government.

Dr Kinda said the review of the ECF for Nepal is about to complete and the remaining amount will be released soon.

He praised Nepal’s efforts in advancing its financial and monetary policy and maintaining fiscal discipline.

Nepal has been spending the amount it received from the IFM under the ECF keeping under the budgetary assistance headings.