{
  "title": "Nepal: Staff Report for the 2012 Article IV Consultation",
  "publication": "IMF Staff Country Reports, December 6, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/nepal-staff-report-for-the-2012-article-iv-consultation-40149",
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  "summary": "Nepal is a post-conflict state seeking to formalize democracy in a challenging environment. Significant headway toward a new state has been made since the 2006 peace accord.",
  "sections": [
    {
      "heading": "Political context and implications for macroeconomic management",
      "content": "- Nepal is described as a \"post-conflict state seeking to formalize democracy in a challenging environment.\"\n- Significant headway toward a new state has been made since the 2006 peace accord.\n- The constituent assembly failed to meet an end-May 2012 deadline to ratify a new constitution, representing \"a serious setback, and a major impediment to macroeconomic management and prospects for growth.\"\n- The constituent assembly was dismissed in June 2012, leaving day-to-day operations in the hands of a caretaker government.\n- New elections are notionally slated for April 2013, but will require fractured political parties to agree on an interim consensus government.\n- The lack of a consensus government and functioning parliament is associated with:\n  - Delays to key articles of legislation (such as the government budget).\n  - Dampened investment (foreign and domestic).\n  - Reduced potential donor support.\n  - Undermined prospects for sensitive financial sector and state enterprise reforms."
    },
    {
      "heading": "Technical progress and policy areas",
      "content": "- Progress has been achieved on a range of technical issues, including:\n  - Public financial management.\n  - Monetary policy.\n  - Financial sector supervision."
    },
    {
      "heading": "Risks to growth and financial-sector reforms",
      "content": "- Political impasse and caretaker governance are identified as principal constraints on:\n  - Macroeconomic management.\n  - Prospects for growth.\n  - Implementation of financial sector and state enterprise reforms.\n- The political situation is explicitly linked to lower investment and constrained donor engagement."
    },
    {
      "heading": "Subject coverage and keywords (from the report)",
      "content": "- Subject: Balance of payments, Banking, Commercial banks, Economic sectors, External debt, Financial institutions, Financial sector, Public debt, Remittances\n- Keywords include: authority, balance sheet, banking sector problem, broad money, Commercial banks, CR, debt, deficit, exchange rate, Financial sector, Global, inflation front, interest rate, ISCR, monetary management, Nepalese authorities, Remittances\n\nInternational Monetary Fund. \"Nepal: Staff Report for the 2012 Article IV Consultation\", IMF Staff Country Reports 2012, 326 (2012).\n\n---\n\n Content in this bundle\n\n- Nepal: 2012 Article IV Consultation; IMF Country Report 12/326; November 2, 2012\n  - Nepal: 2012 Article IV Consultation; IMF Country Report 12/326; November 2, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Nepal: 2012 Article IV Consultation; IMF Country Report 12/326; November 2, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: December 6, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475555479.002",
    "Nepal is described as a \"post-conflict state seeking to formalize democracy in a challenging environment.\"",
    "Significant headway toward a new state has been made since the 2006 peace accord.",
    "The constituent assembly failed to meet an end-May 2012 deadline to ratify a new constitution, representing \"a serious setback, and a major impediment to macroeconomic management and prospects for growth.\"",
    "The constituent assembly was dismissed in June 2012, leaving day-to-day operations in the hands of a caretaker government.",
    "New elections are notionally slated for April 2013, but will require fractured political parties to agree on an interim consensus government.",
    "The lack of a consensus government and functioning parliament is associated with:",
    "Progress has been achieved on a range of technical issues, including:",
    "Political impasse and caretaker governance are identified as principal constraints on:",
    "The political situation is explicitly linked to lower investment and constrained donor engagement.",
    "Subject: Balance of payments, Banking, Commercial banks, Economic sectors, External debt, Financial institutions, Financial sector, Public debt, Remittances",
    "Keywords include: authority, balance sheet, banking sector problem, broad money, Commercial banks, CR, debt, deficit, exchange rate, Financial sector, Global, inflation front, interest rate, ISCR, monetary management, Nepalese authorities, Remittances",
    "**Nepal: 2012 Article IV Consultation; IMF Country Report 12/326; November 2, 2012**"
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