Minister Wagle wants special financial package for vulnerable countries

Antalya (Turkiye): Finance Minister Dr Swarnim Wagle has said a special international financial package, including grants, concessional loans and debt relief, is required for vulnerable countries, including Nepal, for post-disaster reconstruction and economic recovery.

At a discussion relating to ‘Full Bill of Disaster: Debt, Credit Rating and Currency after Climate-induced Shocks and the Form of Support Package’ organised at the Nepal Pavilion under the ongoing 31st Conference of the Parties (COP31) here today, Minister Wagle viewed that Nepal cannot bear the financial burden of climate-induced disasters alone.

The government had to cut budgets for other development and social sectors in order to manage sources for post-disaster rescue, relief and reconstruction, he reminded the international community, adding that the disaster caused a direct and severe impact on schools and hospitals, social security and other development programmes.

Finance Minister Wagle expressed gratitude to India, China, the UK, the US, the European Union and countries in the Middle East and the Gulf for their support during the disaster in Nepal.

Nearly 20 million US dollars have been received as grants for the first time from the UN Loss and Damage Fund, adding that although the support is welcome, the resources available in the fund are very low compared to the needs of countries at risk.

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