{
  "title": "Nepal: Request for an Arrangement Under the Extended Credit Facility -Press Release; Staff Report; Debt Sustainability Analysis; Staff Supplement; Statement by the Executive Director for Nepal",
  "publication": "IMF Staff Country Reports, January 27, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/01/27/nepal-request-for-an-arrangement-under-the-extended-credit-facility-press-release-staff-512283",
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  "summary": "The COVID-19 pandemic severely impacted Nepal’s economy. Tourist arrivals collapsed, domestic activity plummeted, and remittances have been volatile. As a result, balance of payments and fiscal financing gaps emerged.",
  "sections": [
    {
      "heading": "Summary of key findings",
      "content": "- The COVID-19 pandemic severely impacted Nepal’s economy: tourist arrivals collapsed, domestic activity plummeted, and remittances have been volatile.\n- Balance of payments and fiscal financing gaps emerged as a result of the shock.\n- After growth was lower than expected in 2019/20, a gradual resumption in economic activity and a corresponding surge in imports and related tax receipts led to higher growth and improved fiscal outturns in 2020/21.\n- Important fiscal and external financing needs remain to:\n  - support the COVID-19 response,\n  - facilitate a continued recovery,\n  - maintain a comfortable level of reserves."
    },
    {
      "heading": "Macroeconomic and sectoral impacts (as described)",
      "content": "- Tourism: tourist arrivals collapsed (no numeric breakdown provided in the source content).\n- Domestic activity: plummeted in the pandemic period (no numeric breakdown provided).\n- Remittances: volatile, contributing to external balance pressures.\n- Trade: a surge in imports during the recovery phase increased tax receipts and supported higher growth in 2020/21."
    },
    {
      "heading": "Policy implications and priorities",
      "content": "- Address remaining fiscal financing needs to support public health and the COVID-19 response.\n- Mobilize external financing to close balance of payments gaps and preserve reserve adequacy.\n- Ensure policies that facilitate a sustained economic recovery while maintaining fiscal and external sustainability."
    },
    {
      "heading": "Publication metadata and identifiers",
      "content": "- Publication date: January 27, 2022\n- Pages: 102\n- Volume: 2022\n- Issue: 024\n- Series: Country Report No. 2022/024\n- DOI: https://doi.org/10.5089/9798400200380.002\n- Stock No: 1NPLEA2022001\n- ISBN: 9798400200380\n- ISSN: 1934-7685\n- Subjects: Asset and liability management, COVID-19, Debt relief, External debt, Financial regulation and supervision, Health, International organization, Monetary policy, Public debt\n- Keywords: consumer price inflation, COVID-19, Debt relief, ECF arrangement, financing gap, Global, import surge, November data, procurement contract\n\nSource: Nepal: Request for an Arrangement Under the Extended Credit Facility -Press Release; Staff Report; Debt Sustainability Analysis; Staff Supplement; Statement by the Executive Director for Nepal (IMF Staff Country Reports), January 27, 2022.\n\n---\n\n Content in this bundle\n\n- 1nplea2022001\n  - 1nplea2022001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1nplea2022001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 27, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400200380.002",
    "The COVID-19 pandemic severely impacted Nepal’s economy: tourist arrivals collapsed, domestic activity plummeted, and remittances have been volatile.",
    "Balance of payments and fiscal financing gaps emerged as a result of the shock.",
    "After growth was lower than expected in 2019/20, a gradual resumption in economic activity and a corresponding surge in imports and related tax receipts led to higher growth and improved fiscal outturns in 2020/21.",
    "Important fiscal and external financing needs remain to:",
    "Tourism: tourist arrivals collapsed (no numeric breakdown provided in the source content).",
    "Domestic activity: plummeted in the pandemic period (no numeric breakdown provided).",
    "Remittances: volatile, contributing to external balance pressures.",
    "Trade: a surge in imports during the recovery phase increased tax receipts and supported higher growth in 2020/21.",
    "Address remaining fiscal financing needs to support public health and the COVID-19 response.",
    "Mobilize external financing to close balance of payments gaps and preserve reserve adequacy.",
    "Ensure policies that facilitate a sustained economic recovery while maintaining fiscal and external sustainability.",
    "Publication date: January 27, 2022",
    "Pages: 102",
    "Volume: 2022",
    "Issue: 024",
    "Series: Country Report No. 2022/024",
    "DOI: https://doi.org/10.5089/9798400200380.002",
    "Stock No: 1NPLEA2022001",
    "ISBN: 9798400200380",
    "ISSN: 1934-7685",
    "Subjects: Asset and liability management, COVID-19, Debt relief, External debt, Financial regulation and supervision, Health, International organization, Monetary policy, Public debt",
    "Keywords: consumer price inflation, COVID-19, Debt relief, ECF arrangement, financing gap, Global, import surge, November data, procurement contract",
    "**1nplea2022001**"
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