Finance Minister Warns of Difficulty Securing Grants
Summary
Finance Minister Swarnim Wagle says it will be difficult to secure even Rs 7–8 billion in grants this fiscal year, far below the government’s original estimate. He told a parliamentary committee reviewing the Rasuwa flood response that Nepal may now need to rely more on concessional loans.
Key Points
- Finance Minister Swarnim Wagle said it would be difficult to receive even Rs 7–8 billion in grants in the current fiscal year.
- He made the remarks at a special parliamentary committee meeting on the damage caused by the Rasuwa flood and the relief-and-rescue effort.
- The government had estimated Rs 61.74 billion in grant assistance for the fiscal year, but only about 10 percent of that is now expected.
- Wagle said foreign grants are now smaller than the revenue Nepal collects in a day, leaving concessional loans as the main alternative.
