The international monetary fund (imf) has approved a new loan installment for nepal under the extended credit facility (ecf). This decision came after the fund completed the sixth review of nepal’s economic program.
According to finance minister Rameshwar Khanal, the approval allows nepal to receive about 40 million us dollars. This amount is part of a larger loan agreement that was signed earlier.
In december 2021, the imf had decided to provide nepal with concessional loans worth nearly 398.8 million us dollars over four years. The money is being given in several installments.
Nepal has already received five installments. With the latest approval, the country will now receive the sixth installment as well.
The IMF’s decision shows that it is satisfied with nepal’s progress in following the agreed economic reforms. This support is expected to help nepal as it works to stabilize its economy.
