The World Bank (WB) has lifted its hand to support Nepal again. This time, it has renewed its support to Nepal under the Second Programmatic Fiscal and Public Financial Management Development Policy Credit Project<\/em>.<\/p>\n In a move supporting Nepal\u2019s efforts towards fiscal federalism and developing public financial management, WB offered the country a grant of NPR USD 100 million for the fulfillment of reform actions developed by the Ministry of Finance.<\/p>\n Nepal Finance Ministry Secretary Lal Shankar Ghimire and World Bank Country Manager-Nepal Faris H Hadad-Zervos signed the agreement at the Ministry of Finance.<\/p>\n \u201cWe are thankful for the support of the World Bank and development partners in the ongoing and dynamic process of federalism in Nepal,\u201d stated Secretary Ghimire.<\/p>\n \u201cNepal\u2019s transition to a federal state is an ambitious agenda and the WB Group is committed to supporting the government in fulfilling this goal. The sustainability of the proposed reforms under this budget support is a critical aspect. The partnership between the government and development partners will further enable strengthening of public institutions, inclusion and resilience as Nepal progresses with the federalism agenda,\u201d said Hadad-Zervos.<\/p>\n The project which aims to support reforms in building Nepal\u2019s federalism agenda is categorized under two pillars.<\/p>\n The first pillar aims to support measures in establishing fiscal federalism in Nepal through various legislations, policies and regulations.<\/p>\n The first pillar will dictate budget execution and create the basis of model laws, to be adopted by local governments to govern their budget processes.<\/p>\n The second pillar will support reforms to strengthen policy framework for public finance management at sub-national levels. This can be achieved through legislation and regulations that govern the budget cycle and promote transparency to citizens, besides:<\/p>\n This project will be built on the reforms supported by the first Development Policy Credit for creating legal frameworks to govern resource allocation across the three levels of government and assist the operations of local governments, besides strengthening budget execution and public financial management systems at the federal level.<\/p>\n","protected":false},"excerpt":{"rendered":" The World Bank (WB) has lifted its hand to support Nepal again. This time, it has…<\/span><\/p>\nNature of the Project<\/strong><\/h3>\n
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