Kathmandu, November 1
The World Bank Group says Nepal should maximise policy reforms in order to achieve its target of elevating into the middle income status by 2030.
Unveiling the 2018 edition of its annual Nepal Development Update report in Kathmandu today, one of the key development partners of Nepal said current efforts made by the government towards economic growth were positive, but not sufficient.
Speaking at the ceremony, the Bank’s Country Director Qimiao Fan said Nepal should increase its competitiveness. “By competitiveness, I mean not only doing better than yesterday, but doing better than others,” he said, highlighting opportunities and challenges Nepal had due to its neighbouring economic giants China and India.
Speaking at the function, Finance Minister Yubaraj Khatiwada said the government would promote public private partnership to achieve its economic targets.
Discussing Nepal’s struggle to control trade deficit, he said the economic development should be distributive and inclusive so that every citizen could reap the benefits equally.
In the report, the Bank has suggested, “For Nepal, maximising finance for development will require a systematic approach to leveraging all sources of finance, expertise and technologies to accelerate growth and enable the country to reach the middle income country status and achieve the Sustainable Development Goals.”
