Nepal adds 309 shares to secure voting rights in IBRD

Published On: January 24, 2019 09:49 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Jan 24: Nepal has secured its voting rights by deciding to purchase an additional 309 unit of shares in the International Bank for Reconstruction and Development under the World Bank Group. 

The meeting on January 17 of the Council of Ministers decided to purchase additional shares to take the total number of shares to 1,714 in the Bank, according to information shared at the weekly press meet held to inform the media about the government decisions. This secures the voting rights of Nepal in the Bank, according to Minister for Information and Communications Gokul Prasad Banskota. 

Likewise, the government decided to accept a technical grant worth 1.996 million euro from the EU delegation in Nepal. The support would be utilized to enhance the capacity of 15 municipalities in the country. 

Reconstruction support from Saudi Fund 

A decision was taken to constitute talks team led by the Joint Secretary at the International Financial Aid Coordination Division under the Ministry of Finance for loan assistance from the Saudi Fund for Reconstruction and give authority for the same. The Fund is to provide 20 million US dollars in loan for 25 years in a concessional interest rate of one percent. 

The cabinet agreed in principle to formulate the bill designed to amend and integrate laws relating to impeachment. The government also decided to form talks team led by Joint Secretary at the Ministry of Industry, Commerce and Supplies Rabi Shanker Sainju for the second meeting on the review of the Nepal-India Treaty of Trade and Commerce 2009. 

The cabinet meeting also decided to appoint Gyaneswar Karki of Thaiba, Lalitpur as the General Manager of Herbs Production and Processing Company Limited, permit to fell trees to clear way for installation of undergoing petroleum pipeline and endorse the Ministry of Federal Affairs and General Administration to move ahead with the formulation of a federal law on determination of basic principle and standards relating to formation, operation, management, terms and condition of service of local service. 

Another appointment made by the meeting was of Usha Hamal (Surkhet) as a member of the Language Commission. The government also decided to bear the cost of treatment worth Rs. one million including for medicines, travel and accommodation for 44 armed conflict survivors including among others Nardevi Damai of Dailekh, Saman Darji of Kalikot and Bir Bahadur Pariyar of Jumla. RSS

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