Nepal prepares for second sovereign credit rating

KATHMANDU: Nepal is preparing to undergo its second Sovereign Credit Rating (SCR), following a meeting today at the Ministry of Finance that focused on readying the country for the assessment and showcasing its achievements to date.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel instructed officials to emphasise the significant progress made over the past year. According to the Finance Minister’s Secretariat, preparations will prioritise improvements in the economy, policing and legal reforms, good governance and political stability, alongside infrastructure successes in roads, tourism and hydropower.

Vice-Chairman of National Planning Commission (NPC), Prof Dr Shiva Raj Adhikari, NPC member Dr Prakash Kumar Shrestha, Nepal Rastra Bank Governor Dr Biswo Nath Poudel, Finance Secretary Ghanshyam Upadhyaya and Revenue Secretary Dinesh Kumar Ghimire attended the meeting. Mahesh Bhattarai, Chief of the Economic Policy Analysis Division at the ministry, presented an overview of progress to date.

Global credit rating agency Fitch will conduct the SCR, and a team from the agency is scheduled to arrive in Nepal shortly. In last year’s assessment, Nepal received a BB− rating.

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