Friday, 19th December 2014

Fin Min unveils foreign assistance policy; underlines need to make it effective


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Finance Minister Dr. Ram Sharan Mahat has said development assistance policy is necessary for increasing the accountability and transparency by making development assistance more effective.

Making the Development Assistance Policies- 2071 BS public at the Ministry of Finance on Friday, he said the policies will be instrumental in transforming Nepal into a developing country from the least developed one by 2022.

Stating that there is a need of effectively mobilising development assistance to build a self-reliant economy by bringing down dependency on assistance, Minister Dr. Mahat stressed on making it dependent on our own means and resources.

All development partnership should be affiliated to national system by building internal capacity, he said, adding that assistance is needed in social and infrastructure sector.

Grant and technical aid with less than USD 5 million per project will not be accepted except in rural infrastructure and social development, the minister said.

 He informed that the policies have a provision not to mobilize soft loans with less than USD 10 million of assistance for a single project and less than USD 20 million of loans per project or program.

Also present in the program were National Planning Commission Vice Chairman Dr. Govindraj Pokhrel, Finance Secretary Yubaraj Bhusal and other high officials of the Finance Ministry.