The World Bank and International Monetary Fund (IMF) agreed to provide related monetary assistance to Nepal, during the WB annual meeting held at Bali, Indonesia.

Nepal Finance Ministry International Economic Cooperation Coordination (IECCD) Chief Shree Krishna Nepal and World Bank Nepal Country Director Qimiao Fan signed the agreement on October 10, 2018.

Nepal Finance Minister Dr Yubaraj Khatiwada and World Bank South Asia Region Vice Chairperson Hartwig Schafer were also present at the occasion.

Speaking at the occasion Nepal Finance Minister Dr Yubaraj Khatiwada appreciated WB’s support for the growth of various sectors such as infrastructure development, tourism development, education and health while hoping that WB would increase its support to Nepal in the future too.

World Bank South Asia Region Vice Chairperson Hartwig Schafer was also present at the occasion.

World Bank Aid for Nepal Aid
Recently, the World Bank approved a whooping Rs 100 million loan for the country’s energy sector. The grant aimed to support the energy sector for effective implementation of related policies and institutional measures. Additionally, it plays an important role in strengthening the financial viability of the Nepal Electrical Authority (NEA).

The post Nepal Finance, Energy Receive Rs 23 Billion Aid appeared first on Nepali Sansar.

In response to Nepal’s concerns about the impact of India’s Goods and Services Tax (GST) and the additional charges it would bring in, officials of India’s Ministry of Commerce and Customs, and Central Board of Excise and Customs have clarified that the country would not levy GST on Nepal’s third country imports and exports through India’s seaports and custom points.

As part of an awareness program on GST, the Indian government organized a meeting in New Delhi for high level officials from Nepal and Bhutan. Shree Krishna Nepal, deputy director general of Department of Customs (DoC) led the Nepali delegation to the meeting.

After the GST implementation came into effect on July 1, 2017, service charges had increased for terminal handling, delays and detention during the freight movement between India’s seaports and the Nepal border and vice versa.

Dhaniram Sharma, the spokesperson for Inland Revenue Department (IRD), said that while Indian officials have agreed to Nepal’s proposal to keep the charges unchanged or capped at the pre-GST level, they are yet to decide on the working modality.

India currently accounts for two-thirds of Nepal’s total trade.

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