Finance Minister Wagle Meets World Bank President Banga in Washington

Kathmandu, Oct 6: Finance Minister Dr Swarnim Wagle held a bilateral meeting with World Bank Group President Ajay Banga in Washington, DC, on Monday.

Wagle, who is currently in the United States leading a Nepali delegation at the invitation of Banga, discussed Nepal’s reconstruction needs following the devastating Bhotekoshi-Trishuli floods.

According to the Finance Minister’s private secretariat, the meeting also focused on macroeconomic reforms and mobilising around one billion US dollars in resources for insurance and social protection programmes.

Banga expressed condolences over the loss of life and damage caused by the floods and assured Nepal of significant World Bank support for reconstruction.

He appreciated the government’s ongoing policy and institutional reforms and stressed the importance of increasing investment in infrastructure and generating employment opportunities within Nepal.

Banga also said the World Bank would work to expand joint investment in Nepal’s priority sectors in coordination with development partners, including the Asian Development Bank and the International Finance Corporation.

World Bank Country Director for Nepal David Sislen said the meeting was the first direct bilateral discussion between the World Bank president and Nepal’s finance minister in three decades.

World Bank Vice Presidents Johannes Zutt and Junaid Ahmed, among other senior officials, also attended the meeting.