The Government of Nepal, the Asian Development Bank (ADB) and the World Bank convened a Joint Tripartite Portfolio Review Meeting to assess the progress of projects supported by the ADB and the World Bank and address key issues to improve the performance of wallet.
The meeting was chaired by Nepal’s Finance Minister Prakash Sharan Mahat and Finance Secretary Krishna Hari Pushkar and was attended by secretaries of the Government of Nepal, senior officials, project managers and staff of the ADB and the World Bank.
Participants shared current progress and engaged in discussions on constraints and challenges that, if not addressed, could hinder overall portfolio performance.
In his speech, Mahat expressed his gratitude to the ADB and the World Bank for their support to the development of Nepal over the years. “Today’s meeting has been important to identify collective issues that require improvements and corrections.”
“This involves inter-departmental coordination to expedite tasks, ensuring that development projects remain on track to achieve the intended results for the people of Nepal and contribute to poverty reduction and sustainable development. The Ministry of Finance maintains its commitment to allocate the budget on time,” declared the minister.
Tourism drives growth in Fiji, new ADB report says
Arnaud Heckmann, ADB Officer-in-Charge for Nepal, praised the leadership of the Ministry of Finance in proactively addressing issues to ensure the success of the portfolio.
“Timely project execution is essential to maximize the positive impact of development projects, ensure efficient utilization of resources and achieve development results on the ground. We will continue to work with implementing agencies to mitigate potential delays and ensure our projects stay on track,” Heckmann said.
“We appreciate the Government’s efforts to accelerate project implementation and ensure timely field delivery of externally and internally funded projects,” said Faris Hadad-Zervos, World Bank Director for Maldives, Nepal and Sri Lanka.
“We are committed to working together to improve project performance and prioritize tangible development results for the betterment of the Nepali people, particularly the marginalized and vulnerable. Nepal has been able to do this in the past, and there is no reason why we cannot optimize performance again.”
The Ministry of Finance, relevant ministries, implementing and executing agencies, ADB and the World Bank have agreed on specific measures to overcome the challenges and help accelerate project implementation and disbursement.