Nepal: Second and Third Reviews Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Requests for Waiver of Performance Criteria and Extension of the Arrangement

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 407

Publication date: November 2006

ISBN: 9781451830057

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , constituent assembly election , Maoist , communist party , IMF staff representative , constituent assembly , structure of the constituent assembly , SPA government , Nepalese authorities , inflation outlook , Oil prices , Monetary base , Inflation , Global , South Asia

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Summary

Major political developments have taken place in Nepal since the Executive Board concluded the Article IV Consultation in January 2006. The Koirala government is keen on early resumption of the IMF-supported program to help maintain macroeconomic stability. The international community has welcomed the peace process and has extended financial aid. Progress on structural reforms was slow owing to political uncertainties, an unsettled security environment, and inertia in policy implementation. The authorities outlined an economic program for 2006/07 consistent with Poverty Reduction Strategy Paper (PRSP)/Poverty Reduction and Growth Facility (PRGF) objectives.