{
  "title": "Nepal: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nepal",
  "publication": "IMF Staff Country Reports, April 6, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/06/nepal-2019-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-49308",
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  "summary": "This 2020 Article IV Consultation focuses on Nepal’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets.",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication date: April 6, 2020.\n- Focus: Nepal’s near and medium-term challenges and policy priorities.\n- Prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets.\n- Recent years’ growth drivers cited: greater political stability, improved electricity supply, and reconstruction activity following the devastating earthquakes in 2015."
    },
    {
      "heading": "Major findings and assessments",
      "content": "- Continued inclusive growth requires additional policies while safeguarding macroeconomic and financial stability.\n- Fiscal policy should remain prudent, and the transition to fiscal federalism should be carefully managed.\n- Macroprudential measures should remain in place to limit the build-up of financial sector risk.\n- Recent reforms to boost foreign investment need a supportive implementation environment.\n- Strengthening the implementation of monetary policy requires a well-functioning interest rate framework that reduces volatility in short-term interest rates.\n- Less short-term interest rate volatility would support financial market development and improve policy signaling and transmission.\n- The IMF staff emphasizes the need to introduce a standing deposit facility as a first step toward establishing a reliable implementation track record for the interest rate corridor."
    },
    {
      "heading": "Policy recommendations (explicit)",
      "content": "- Maintain prudent fiscal policy during the transition to fiscal federalism.\n- Preserve macroprudential measures to cap financial sector risk accumulation.\n- Provide a supportive implementation environment for reforms aimed at boosting foreign investment.\n- Introduce a standing deposit facility to begin building a reliable implementation track record for the interest rate corridor.\n- Establish a well-functioning interest rate framework to reduce short-term interest rate volatility and improve monetary policy transmission."
    },
    {
      "heading": "Subject areas and keywords (as listed)",
      "content": "- Subject: Credit, Economic and financial statistics, External debt, External sector statistics, Financial sector policy and analysis, Money, Public debt, Stress testing\n- Keywords: central government deficit, CR, Credit, credit growth, current account, External sector statistics, financing transaction, GDP, Global, government, ISCR, liability positions vis-à-vis nonresident, private sector, r eal GDP growth, remittance, remittance inflow, remittances slowdown, South Asia, Stress testing"
    },
    {
      "heading": "Publication metadata and identifiers",
      "content": "- Pages: 77\n- Volume: 2020\n- Issue: 096\n- Series: Country Report No. 2020/096\n- Stock No: 1NPLEA2020001\n- ISBN: 9781513539751\n- ISSN: 1934-7685\n\nInternational Monetary Fund. Asia and Pacific Dept \"Nepal: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nepal\", IMF Staff Country Reports 2020, 096 (2020).\n\n---\n\n Content in this bundle\n\n- 1nplea2020001\n  - 1nplea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1nplea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 6, 2020",
    "Series: IMF Staff Country Reports",
    "Publication date: April 6, 2020.",
    "Focus: Nepal’s near and medium-term challenges and policy priorities.",
    "Prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets.",
    "Recent years’ growth drivers cited: greater political stability, improved electricity supply, and reconstruction activity following the devastating earthquakes in 2015.",
    "Continued inclusive growth requires additional policies while safeguarding macroeconomic and financial stability.",
    "Fiscal policy should remain prudent, and the transition to fiscal federalism should be carefully managed.",
    "Macroprudential measures should remain in place to limit the build-up of financial sector risk.",
    "Recent reforms to boost foreign investment need a supportive implementation environment.",
    "Strengthening the implementation of monetary policy requires a well-functioning interest rate framework that reduces volatility in short-term interest rates.",
    "Less short-term interest rate volatility would support financial market development and improve policy signaling and transmission.",
    "The IMF staff emphasizes the need to introduce a standing deposit facility as a first step toward establishing a reliable implementation track record for the interest rate corridor.",
    "Maintain prudent fiscal policy during the transition to fiscal federalism.",
    "Preserve macroprudential measures to cap financial sector risk accumulation.",
    "Provide a supportive implementation environment for reforms aimed at boosting foreign investment.",
    "Introduce a standing deposit facility to begin building a reliable implementation track record for the interest rate corridor.",
    "Establish a well-functioning interest rate framework to reduce short-term interest rate volatility and improve monetary policy transmission.",
    "Subject: Credit, Economic and financial statistics, External debt, External sector statistics, Financial sector policy and analysis, Money, Public debt, Stress testing",
    "Keywords: central government deficit, CR, Credit, credit growth, current account, External sector statistics, financing transaction, GDP, Global, government, ISCR, liability positions vis-à-vis nonresident, private sector, r eal GDP growth, remittance, remittance inflow, remittances slowdown, South Asia, Stress testing",
    "Pages: 77",
    "Volume: 2020",
    "Issue: 096",
    "Series: Country Report No. 2020/096",
    "Stock No: 1NPLEA2020001",
    "ISBN: 9781513539751",
    "ISSN: 1934-7685",
    "**1nplea2020001**"
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