IMF mission chief meets Finance Minister Paudel for sixth ECF review
KATHMANDU: Visiting International Monetary Fund (IMF) Mission Chief Sarwat Jahan paid a courtesy call on Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel today.
During a meeting at the Ministry of Finance in Singha Durbar, Kathmandu, the two undertook the sixth review of the Extended Credit Facility (ECF) and discussed structural economic issues.
Following a sharp decline in foreign exchange reserves, Nepal reported a significant balance of payments deficit and subsequently secured an Extended Credit Facility equivalent to $395.9 million in 2022 – an amount equal to 180% of Nepal's Special Drawing Rights (SDR) quota. The IMF agreed to disburse the loan in several instalments over a four-year period to support budget financing.
An IMF mission team is presently in Nepal for the sixth review of the loan facility.
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