World Bank provides a credit of USD 266 million to Nepal to boost public financial management
The Policy credit approved is one of the components in the World Banks's support to Federalism in Nepal.
World Bank's Board Executive Director approved USD 200 million credit to Nepal in order to improve public finance Management.
According to Modern DiplomacyThe program will support the implementation of Intergovernmental Fiscal Arrangement Act, adoption of the Fiscal Responsibility and Budget Management Bill, the establishment of the Natural Resources, strengthening of public financial management systems and reforms to improve revenue collection.
The Policy credit approved is one of the components in the World Banks's support to Federalism in Nepal, as per Modern Diplomacy.
The World Bank also approved USD 66 million to modernize Phase 2 of the Rani Jamara Kulariya Irrigation Scheme, the project will evolve tertiary canals, sub-branches and watercourses in order to provide irrigation water to farmers. This will also help to provide agriculture production support and strengthen water user association, as per The Himalayan.
The World Bank Group has provided Nepal with USD 4.75 billion in assistance since 1969. Currently, there are 22 active projects of USD 2.32 billion of World Bank in Nepal in the field of energy and agriculture.
According to The Himalayan, Nepal is at a historic juncture as it has transformed from unitary to a federal democratic republic, and expectations are high that the new structure will deliver on greater accountability says World Bank Country Director for Nepal, Qimiao Fan, He further added that the programme will help to establish a fiscal framework to ensure Nepal government to deliver better service to its citizen.