Following the review, it has allowed the authorities to withdraw the equivalent to SDR 39.20 million (about US$52.8 million equivalent to Rs 6.91 billion).
This brings total disbursements under the ECF for budget support thus far to SDR 117.70 million (about US$157.4 million). The Executive Board also concluded the 2023 Article IV consultation with Nepal.
The ECF arrangement for Nepal was approved by the Executive Board on January 12, 2022 in an amount equivalent to SDR 282.42 million (180 percent of quota or about US$384.8 million).
“The ECF arrangement has helped mitigate the impact of the pandemic and global shocks on economic activity and aims at protecting vulnerable groups, preserving macroeconomic and financial stability, and supporting sustained growth and poverty reduction. The program is also helping to catalyze additional financing from Nepal’s development partners,” reads the statement issued by IMF.
