World Bank regional VP Zutt calls on Finance Minister Paudel

KATHMANDU: Visiting World Bank Vice President for South Asia Johannes Zutt paid a courtesy call on Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel at the Ministry of Finance today.

According to the Finance Minister’s Secretariat, the two discussed a wide range of issues, including the economy, urban and physical infrastructure, investment, tourism and the environment.

Minister Paudel said Nepal’s economic indicators have improved significantly this year compared with last. He informed Zutt that the government has introduced reforms in policy, structure and implementation procedures.

The Finance Minister added that a Country Partnership Framework prepared by the World Bank for the next six years aligns with Nepal’s needs and government priorities, and that Nepal looks forward to working with the World Bank on plans and programmes under this framework.

The Deputy Prime Minister also told Zutt that the Alternative Development Finance Mobilisation Bill has passed the House of Representatives and is currently before the National Assembly, expressing hope for the World Bank’s cooperation in achieving the Bill’s objectives.

In response, Zutt assured Nepal of continued World Bank support to help the country achieve high economic growth. He said the Bank would cooperate on urban development projects in Lumbini and Kathmandu Valley, as well as on efforts to reduce environmental pollution and promote economic growth. He also advised that the private sector should be actively involved in these initiatives.

Praising Nepal’s economic progress, Zutt said the country needs to expand its investment sectors further. He expressed his belief that the enactment of laws relating to the Alternative Development Finance Mobilisation Bill would allow Nepal to explore new opportunities for infrastructure investment. “This will play an important role in attracting private-sector investment and boosting economic growth,” he said, urging Nepal to focus on increasing both investment and productivity.

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