Nepal: Request for an Arrangement Under the Extended Credit Facility -Press Release; Staff Report; Debt Sustainability Analysis; Staff Supplement; Statement by the Executive Director for Nepal

Request for an Arrangement Under the Extended Credit Facility -Press Release; Staff Report; Debt Sustainability Analysis; Staff Supplement; Statement by the Executive Director for Nepal

Volume/Issue: Volume 2022 Issue 024

Publication date: January 2022

ISBN: 9798400200427

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , Business and Financial , financing gap , procurement contract , ECF arrangement , November data , import surge , consumer price inflation , COVID-19 , Debt relief , Global

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Summary

The COVID-19 pandemic severely impacted Nepal’s economy. Tourist arrivals collapsed, domestic activity plummeted, and remittances have been volatile. As a result, balance of payments and fiscal financing gaps emerged. After growth was lower than expected in 2019/20, a gradual resumption in economic activity and a corresponding surge in imports and related tax receipts led to higher growth and improved fiscal outturns in 2020/21. However, important fiscal and external financing needs remain to support the COVID-19 response, facilitate a continued recovery, and maintain a comfortable level of reserves.