KATHMANDU, July 12: The World Bank has renewed support to the Government of Nepal under the Second Programmatic Fiscal and Public Financial Management Development Policy Credit Project.
Issuing a press statement, the bank said that the support is to strengthen the country’s efforts towards fiscal federalism and improving public financial management.
Revised interest rate corridor system introduced
The agreement was signed today at the Ministry of Finance by Lal Shanker Ghimire, secretary of the ministry, and Faris H Hadad-Zervos, the World Bank’s country manager for Nepal. According to the statement, the $100 million project is geared toward the accomplishment of reform actions coordinated by the Ministry of Finance, which was built on reforms supported under the first Development Policy Credit project.
“This project builds on the reforms supported by the first Development Policy Credit to establish the legal frameworks to govern resource allocation across the three tiers of government and guide operations of local governments,” the statement added.
