IMF to provide 52.8 million US dollar loan to Nepal
According to a press statement released by the IMF on Monday, the IMF's executive board approved the payment of the funds after examining the ECF-supported programs from Feb 15 to Feb 28 of this year.
KATHMANDU: The International Monetary Fund (IMF) will lend Nepal $52.8 million after undertaking the first and second reviews of the Extended Credit Facility (ECF)-supported programs.
According to a press statement released by the IMF on Monday, the IMF’s executive board approved the payment of the funds after examining the ECF-supported programs from Feb 15 to Feb 28 of this year.
Nepal began the process of obtaining an ECF loan from the IMF after the balance of payments began to worsen and the foreign currency reserve continued to decline.
The IMF approved a zero-interest-rate concessional loan to Nepal through the ECF on Jan 12, 2022. Last January, the IMF released 110 million US dollars.
The current installment of $52.8 million USD is the second installment.
The aid is intended to help Nepal’s reform programs offset the detrimental impact of COVID-19 on public health and economic activity while protecting vulnerable individuals, preserving macroeconomic and financial stability, and reducing poverty, according to the statement.
