FinMin Mahat leaves for Marrakech for World Bank annual meeting

Published On: October 9, 2023 12:00 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Oct 9: Finance Minister Dr Prakash Sharan Mahat has left for Marrakech, Morocco, to participate in the annual meeting of the World Bank, scheduled to take place from October 9 to 15 under the banner of 'Global Action, Global Impact.'

The gathering will focus on a wide array of critical global issues, including the global economic outlook, financial stability on a global scale, poverty reduction, fostering inclusive economic growth, and job creation. In addition to participating in the main World Bank event, Finance Minister Dr Mahat will be organizing discussions aimed at exploring the potential for private investment in Nepal.

Furthermore, there will be deliberations on the development partnership between Nepal and the United States, led by USAID. Key agendas include discussions on risk factors associated with the access to preferential financial systems, talks with the Bill & Melinda Gates Foundation concerning inclusive and resilient economic development through public digital infrastructure, and sideline meetings with the deputy prime minister of South Korea.

Finance Minister Dr Mahat is scheduled to engage in discussions with representatives from Standard Chartered Bank and credit rating agency Fitch Ratings, focusing on Nepal's credit rating. Additionally, he will collaborate with the representative of the International Monetary Fund (IMF) to present the regional economic outlook.

The program also includes talks with the World Bank's Fund Group regarding future financial gateways, bilateral discussions with the Vice President of the International Development Association (IDA), and conversations with the Vice President of the Multilateral Investment Guarantee Agency (MIGA).

Joining Finance Minister Dr Mahat in this important international gathering are Finance Secretary Dr Krishna Hari Pushkar, head of the International Development Assistance Coordination Division under the finance ministry Krishna Nepal, Under Secretary Dr Narayan Dhakal, and Personal Secretary to the Finance Minister, Hom Parajuli.

The event is expected to draw the participation of finance and development ministers, central bankers, private sector representatives, civil society members, media professionals, and academics from 189 countries around the world.