{
  "title": "Nepal: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nepal",
  "publication": "IMF Staff Country Reports, February 17, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/02/15/nepal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-46622",
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  "summary": "This Article IV Consultation highlights that following a prolonged period of tepid growth, economic activity in Nepal has picked up, reflecting cyclical factors and some structural improvements, especially in electricity supply.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Following a prolonged period of tepid growth, economic activity in Nepal has picked up, reflecting cyclical factors and some structural improvements, especially in electricity supply.\n- Discussions focused on policies needed to:\n  - stem rising balance of payments pressures,\n  - safeguard financial stability,\n  - implement structural reforms to ensure high, sustainable and inclusive growth.\n- Continued improvements in revenue performance are seen as important to:\n  - maintain a strong fiscal position,\n  - meet capital spending needs.\n- The IMF staff welcomed the authorities’ efforts to increase domestic revenue mobilization.\n- The authorities broadly agreed with the IMF staff’s assessment and fiscal policy advice.\n- Progress has been made with putting in place a fiscal federal framework, but more needs to be done to:\n  - ensure sustainability,\n  - make budgets more realistic and spending more efficient,\n  - build implementation capacity.\n- The authorities noted the transition to fiscal federalism and the pickup of reconstruction."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Strengthen domestic revenue mobilization to support capital spending while maintaining fiscal strength.\n- Address balance of payments pressures through appropriate macroeconomic and external sector policies.\n- Safeguard financial stability, including through relevant financial sector policies and stress testing.\n- Advance structural reforms to sustain higher, inclusive growth—examples include reforms tied to electricity supply improvements and broader structural changes.\n- Enhance the fiscal federal framework to ensure long-term sustainability, realistic budgeting, efficient spending, and sufficient implementation capacity."
    },
    {
      "heading": "Thematic coverage and subject areas",
      "content": "- Credit\n- Expenditure\n- External debt\n- Financial sector policy and analysis\n- Money\n- Public debt\n- Stress testing\n- Keywords explicitly included: CR, Credit, credit policy, deficit, GDP, government, headline inflation, IMF Debt Sustainability Analysis, ISCR, Nepal, Nepalese authorities, Nepali authorities, private sector credit, Stress testing, widening current account deficit\n\n---\n\n Content in this bundle\n\n- 1nplea2019001\n  - 1nplea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1nplea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 17, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484399774.002",
    "Following a prolonged period of tepid growth, economic activity in Nepal has picked up, reflecting cyclical factors and some structural improvements, especially in electricity supply.",
    "Discussions focused on policies needed to:",
    "Continued improvements in revenue performance are seen as important to:",
    "The IMF staff welcomed the authorities’ efforts to increase domestic revenue mobilization.",
    "The authorities broadly agreed with the IMF staff’s assessment and fiscal policy advice.",
    "Progress has been made with putting in place a fiscal federal framework, but more needs to be done to:",
    "The authorities noted the transition to fiscal federalism and the pickup of reconstruction.",
    "Strengthen domestic revenue mobilization to support capital spending while maintaining fiscal strength.",
    "Address balance of payments pressures through appropriate macroeconomic and external sector policies.",
    "Safeguard financial stability, including through relevant financial sector policies and stress testing.",
    "Advance structural reforms to sustain higher, inclusive growth—examples include reforms tied to electricity supply improvements and broader structural changes.",
    "Enhance the fiscal federal framework to ensure long-term sustainability, realistic budgeting, efficient spending, and sufficient implementation capacity.",
    "Keywords explicitly included: CR, Credit, credit policy, deficit, GDP, government, headline inflation, IMF Debt Sustainability Analysis, ISCR, Nepal, Nepalese authorities, Nepali authorities, private sector credit, Stress testing, widening current account deficit",
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