Nepal: First Review of Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 329

Publication date: October 2004

ISBN: 9781451829921

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , oil import price , workers out of Iraq , worker , government , riot , economic activity , broad money , real GDP , Commercial banks , Monetary base , South Asia

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Summary

This paper focuses on Nepal’s First Review of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. The difficult political and security situation notwithstanding, the PRGF-supported program is broadly on track. All quantitative targets for the first review were met, and all structural reform measures are expected to be implemented by the Board date, although some actions were completed after the target dates. For 2003/04, real GDP growth is estimated at 3½ percent, in line with the program.