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International Monetary Fund
The staff report for the Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PGRF) highlights Nepal’s economic outcomes and macroeconomic policies. Financing needs and logistics of the peace process pose continuing challenges. Macroeconomic stability remains intact, but the speed of structural reform implementation has been slow. Macroeconomic policies remain anchored and the authorities are aware of the need for further structural reforms. Financial sector reforms can help improve intermediation and financial stability.
International Monetary Fund
This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Nepal. The PRGF-supported program is broadly on track. All quantitative performance criteria for the fourth review were met. A number of structural performance criteria and benchmarks have been implemented, albeit with delays. For those that have not been completed, substantial progress has been made. With this, the authorities have requested waivers for four structural performance criteria and completion of the fourth review, as well as modification of performance criteria for the fifth review.
International Monetary Fund
This note documents slow economic growth and significant delays in reform implementation owing to continued political instability and conflict. The annual progress report (APR) reviews progress in the power sector, but does not mention some critical challenges. It outlines some progress in public sector reforms and private sector development. The APR analyzes the impact on disadvantaged groups of several government of Nepal’s programs, but recognizes a decrease in spending for targeted programs. Progress has been made in finalizing and launching of a framework for monitoring and evaluation.
International Monetary Fund
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.
International Monetary Fund
This paper identifies the countries that meet the enhanced Heavily Indebted Poor Countries (HIPC) Initiative’s income and indebtedness eligibility criteria based on end-2004 data. It also updates the status of these countries toward qualifying for debt relief and presents cost estimates of debt relief.
International Monetary Fund
This progress report presents key findings of the assessment of Nepal’s Tenth Plan—Poverty Reduction Strategy Paper (PRSP). The report presents an overview of poverty in Nepal, the key elements of the Poverty Reduction Strategy and its linkages with the Millennium Development Goals. It discusses some of the key macroeconomic indicators and achievements. It also sums up government efforts to realign public expenditure management for supporting the PRSP goals. Achievements by sectors are documented. Performance in terms of institutional reforms and governance improvements is also described.
International Monetary Fund
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.
International Monetary Fund
The Joint Staff Assessment on Nepal’s Poverty Reduction Strategy Paper (PRSP) highlights the PRSP process aimed to provide sustainable macroeconomic framework, improving governance and the overall policy environment. It reviews the execution of the envisaged programs, expenditure planning, public expenditure management system, and the effectiveness of the monitoring system. It also identifies some shortcomings of the PRSP that could be addressed over time and reflected in the annual progress reports to ensure that the strategy is fully effective and operational.
International Monetary Fund
Nepal’s public debt-to-GDP ratio is set to decline from 68 percent of GDP at end-2002–03 over the medium term. The 2003–04 budget makes a start in implementing the medium-term fiscal strategy. Government spending will be redirected to social sectors, for poverty alleviation, and be better prioritized. Monetary policy would remain geared to supporting the exchange rate peg to the Indian rupee. Further steps are envisaged to strengthen the Nepal Rastra Bank (NRB), improve the banking environment, and restructure commercial and development banks.
International Monetary Fund. External Relations Dept.
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