13 billion rupees loan approved by ADB for Nepal

KATHMANDU: The Asian Development Bank (ADB) has approved a concessional loan of around 13 billion rupees, or $10 crore USD, to strengthen and decentralize Nepal’s financial management.

This loan assistance amount, according to ADB, will be used for resources, planning, and management enhancement for local financial management.

This support is considered important for structural financial transformation until 2025. “This program of ADB will increase the quantity and quality of capital expenditure, reduce financial risk, improve public institutions and increase financial transparency and efficiency,” said Chandan Sapkota, Public Management Economist of ADB.

The ADB has been aiding Nepal in improving its expenditure and debt management.

The program includes the approval and implementation of a financial risk and strategy report, transparency in debt management and the implementation of an annual debt plan, improvements in governance and management of public institutions, and the implementation of a medium-term public financial management reform strategy.