Drop in Foreign Aid to Kathmandu - Nepal news

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Drop in Foreign Aid to Kathmandu - Nepal news

NEPAL TO LOSE OUT ON FOREIGN AID WORTH RS 12 BILLION

Government estimates have scaled down the amount of foreign aid flowing into the country in the form of ’loans and grants’ by 37.5 per cent due to the ambiguities surrounding the stand of donor community vis-à-vis Nepal in recent months. In the beginning of fiscal 2004-05, the government had estimated to receive Rs 32,309 million in foreign aid. That has been scaled down to Rs 20,407 million following the completion of the first six months of the fiscal – an estimated loss of over Rs 12 billions in foreign aid.
The government has estimated that Rs 16,959 million will come as loans from donors, which has been scaled down to Rs 9.906 million, according to the latest review document of the Ministry of Finance.
The review was necessitated after the World Bank, Asian Development Bank and International Monetary Fund pressed doubts releasing aid to Nepal.
Rajiv Upadhyay, senior external affairs specialist with the World Bank, Nepal, said unless the government demonstrated an ‘imaginative implementation mechanism’ and a greater commitment to the reform process, foreign aid is likely to keep dwindling.
In foreign grants alone, the government is going to lose over Rs 4 billion – it has downgraded the target from an estimated Rs 15,350 million to RS 11,310 million. The estimated decline has been attributed to the escalation of the conflict, unstable political situation and lack of confidence on the part of donor community.
Prof Bishwambher Pyakuryal, president of the Nepal Economic Association disclosed that the government investment in the social sector had gone down with no additional investment in the sector, likely to cause ‘devastating problems’.
Former finance minister Dr. Badri Prasad Shrestha pointed out that foreign aid was crucial to the well-being of Nepal, as it met 70 per cent of the development budget. But as foreign aid is invariably linked to performance, the government has to show determination and skill to improve its performance if it wants to boost the volume of foreign aid, Shrestha said.
The government must fulfil its commitments made during ‘aid negotiations’ if it wants aid flow to remain healthy, he added.

The Himalayan Times, 22nd April, 2005

 

 

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Insurance a basic need / Banks rush into consumer lending / Housing & auto loans dominate consumer financing / Drop in Foreign Aid to Kathmandu - Nepal / Amount of remittances is growing / Poverty declines / car vehicle insurance prices go up

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