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International Monetary Fund. Asia and Pacific Dept
This 2020 Article IV Consultation focuses on Nepal’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. During recent years, strong growth in Nepal has been supported by greater political stability, improved electricity supply, and reconstruction activity following the devastating earthquakes in 2015. Additional policies are needed to continue to support inclusive growth, while safeguarding macroeconomic and financial stability. Fiscal policy should remain prudent, and the transition to fiscal federalism carefully managed. Macroprudential measures should remain in place to limit the build-up of financial sector risk. Recent reforms to boost foreign investment need a supportive implementation environment. Strengthening the implementation of monetary policy requires a well-functioning interest rate framework that reduces volatility in short-term interest rates. Less short-term interest rate volatility would support financial market development and improve policy signaling and transmission. The IMF staff emphasizes the need to introduce a standing deposit facility as a first step toward establishing a reliable implementation track record for the interest rate corridor.
Mr. Eduardo Valdivia-Velarde and Ms. Tamara Razin

payments need exists or appears imminent, and the debtor agreed with the creditor to prepay debt at a significant discount using a reserve asset currency, this prepayment is an exceptional financing transaction. In other cases, prepayments and advance payments should not be included in exceptional financing. 16.7 Disbursements by monetary authorities in the current period also should be examined to determine whether they should be included in exceptional financing. Borrowing from the IMF should be included in exceptional financing. Borrowing for general budget

Robert A. McColl

transferred under a financial lease. In these instances real resources are deemed to have changed control, and a financing transaction is imputed as the balancing entry in the accounts. It is useful to consider what legal change of ownership of a financial claim means in general. Must the claim be legally enforceable? Outstanding claims for payment of smuggled goods might not be legally enforceable but certainly should be recognized, as noted earlier, if the change of ownership of the physical asset has been recognized. For that matter, the claims to contraband might not