Nepal Appeals for Concessional Assistance at ADB Meeting to Address Pandemic-Induced Economic Challenges
Nepal has made an appeal to the international community, seeking concessional assistance to address pressing economic and developmental needs exacerbated by the Covid-19 pandemic. This appeal was made by Finance Secretary Madhukumar Marasini during the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia.
Secretary Marasini emphasized the necessity of mobilizing significant capital to bolster the economy and pursue developmental goals amidst the challenges posed by the pandemic. He urged all development partners, including the Asian Development Bank, to enhance both financial and technical support. Nepal, he highlighted, is committed to pursuing green, resilient, and inclusive development (GRID) principles.
Furthermore, Secretary Marasini underscored the importance of collective efforts to foster emerging economic development in South Asia. He stressed the significance of emphasizing interdependence, innovation, and digitization to facilitate interregional trade enhancement.
In light of the global economic challenges induced by the Covid-19 pandemic, Secretary Marasini acknowledged the adverse impact on Nepal's economy, resulting in sluggish growth and economic stagnation. He highlighted the imperative of collaborating with the private sector to navigate through these challenges effectively.
Secretary Marasini also shared insights into Nepal's efforts to attract investments by organizing the third investment conference in Kathmandu post-pandemic. He expressed confidence in the Asian Development Bank's potential to play a pivotal role in creating an investment-friendly environment, particularly in sectors such as tourism, hydropower, and information technology, where Nepal holds comparative advantages.
Expressing gratitude for the continuous support extended by the Asian Development Bank, Secretary Marasini acknowledged the institution's role as a reliable partner in Nepal's journey towards social inclusion and economic advancement over the past decade.
