IMF Staff Concludes Visit to Nepal
IMF News, July 27, 2023
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- IMF Staff Concludes Visit to Nepal
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Bibliographic details
- Published: July 27, 2023
Mission overview
- Press Release No. 23/276; date: July 27, 2023.
- IMF staff visit conducted in Kathmandu during July 20-26, 2023.
- Team led by Mr. Tidiane Kinda.
- This mission will not result in a Board discussion.
- IMF team held meetings with:
- Honorable Minister of Finance Dr. Prakash Sharan Mahat
- Nepal Rastra Bank Governor Mr. Maha Prasad Adhikari
- National Planning Commission Vice-Chairman Dr. Min Bahadur Shrestha
- other senior government and central bank officials
- representatives from the private sector and development partners
Macroeconomic outlook
- Following an economic slowdown last year, growth is projected to rebound in FY2023/24.
- Inflation is expected to recede.
- The external position will continue to strengthen.
- Cautious and data-driven monetary policy has set an appropriate stance to maintain price and external stability.
Financial sector stability
- Continued vigilance on banks’ asset quality and stepping up supervisory efforts remain key to preserving financial stability.
Fiscal policy and public investment
- Prudent execution of the FY2023/24 budget is crucial to secure fiscal sustainability.
- Implementing measures envisaged in the FY2023/24 budget would improve the efficiency of capital expenditure.
IMF-supported program and next steps
- The authorities’ ongoing efforts in meeting key commitments under the Fund-supported program, with the support of IMF’s technical assistance, are welcome.
- Performance under the program will be formally assessed in the context of the third review of the Extended Credit Facility, which is expected to be undertaken later this year.
Media and contact
- IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Pemba Sherpa
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson
IMF Press Release No. 23/276