Nepal

New Finance Minister Paudel signs first decision to accept $200 million loan from World Bank

Paudel assumes office from today after being sworn in as Finance Minister

KathmanduPati October 15, 2020

KATHMANDU : Newly appointed Minister for Finance Bishnu Prasad Paudel has announced that the government will borrow $200 million from the Word Bank.

After taking the oath of office and secrecy today, Finance Minister Paudel assumed his role and signed a decision to accept a loan of $200 million (nearly Rs 25 billion) from the World Bank.

Finance Minister Paudel said that the loans from the World Bank will be utilized to combat the coronavirus crisis.
Earlier on Wednesday, Prime Minister KP Sharma Oli had appointed Paudel as the new Finance Minister in a cabinet reshuffle. Two other new ministers were also inducted in the Oli-led cabinet.