Finance Minister Paudel Meets IMF Mission Chief Sarwat Jahan

KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel held a meeting with Sarwat Jahan, Mission Chief of the International Monetary Fund (IMF), to discuss Nepal’s economic situation and ongoing cooperation under the Extended Credit Facility (ECF).

According to the Ministry of Finance, the two discussed the sixth review of the ECF program, structural reforms, and Nepal’s economic outlook. The meeting took place at the Finance Ministry during the IMF team’s current visit to Nepal.

Nepal secured the ECF loan in 2022, amounting to USD 395.9 million, equivalent to 180 percent of its Special Drawing Rights (SDR) quota, following a sharp drop in foreign exchange reserves and a large balance of payments deficit. The IMF agreed to disburse the funds in installments over four years to support Nepal’s budget and reform efforts.

The IMF team is currently in Nepal to conduct the sixth review of the loan program.