Govt signs agreement with ADB for $100 million concessional loan

KATHMANDU: The government and the Asian Development Bank (ADB) have signed an agreement for a concessional loan of $100 million (approximately Rs 13.3 billion) for the implementation of the Public Finance Management and Strengthening Service Delivery program.

Finance Secretary Krishna Hari Pushkar and Asian Development Bank (ADB) Nepal’s Regional Country Director Arnaud Cauchois signed the agreement at the Ministry of Finance on Friday. “Public Finance Management and Strengthening Service Delivery are the major priorities of the government. This loan will support the implementation of restructuring public finance as well as fiscal federalism,” Finance Secretary Pushkar said.

Likewise, ADB Regional Director Cauchois expressed hope that the loan would assist in making Nepal’s financial system sustainable and make the government’s periodic programs more effective. He further said that the loan was linked to Nepal’s medium-term and long-term national plan to upgrade Nepal to a middle-income country by 2030.