Nepal: 2010 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; Press Release on the Executive Board Discussion; and Statement by the Alternate Executive Director and Advisor for Nepal.

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International Monetary Fund, Jul 6, 2010 - Business & Economics - 87 pages
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After years of macroeconomic stability, the global crisis is having a substantial, albeit somewhat delayed, impact on Nepal’s economy and exposing its structural weaknesses. Although the Nepalese rupee appears modestly overvalued, maintaining the peg should remain a key near-term policy objective. Risks in the financial sector are coming to a head and need to be addressed urgently. The Nepal Rastra Bank (NRB)’s recent directives are welcome, but enforcement is crucial to their effectiveness. Bank licensing policy needs to be tightened, banking sector consolidation incentivized, and state-controlled bank reform tackled.
 

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Contents

I STAFF APPRAISAL AND SUMMARY
ECONOMIC CHALLENGES IN THE MIDST OF A MAJOR POLITICAL TRANSITION
AFTER YEARS OF MACROECONOMIC STABILITY RISKS ARE RISING
MANAGING EXTERNAL AND FINANCIAL SECTOR RISKS
ATTACHMENT I
Policies to Address Shocks
Request for Access under the Rapid Credit Facility
Contents
ANNEX III NEPALRELATIONS WITH THE ASIAN DEVELOPMENT BANK
Technical Assistance
NEPALSTATISTICAL ISSUES
Government Finance Statistics
Monetary and Financial Statistics
External Sector Statistics
I BACKGROUND
II MACROECONOMIC ASSUMPTIONS

NEPALFUND RELATIONS As of February 282010
ANNEX II NEPALRELATIONS WITH THE WORLD BANK GROUP As of March 3 2010
II IMFWORLD BANK COLLABORATION IN SPECIFIC AREAS
B Areas in which the Bank Leads and its Analysis Serves as Input into the IMF Program
C Areas of Shared Responsibility
III WORLD BANK GROUP STRATEGY AND LENDING OPERATIONS
A Activities of the International Finance Corporation IFC in Nepal
III EXTERNAL DEBT SUSTAINABILITY
IV PUBLIC DEBT SUSTAINABILITY
V AUTHORITIES VIEW
IMF Executive Board Concludes 2010 Article IV Consultation with Nepal
IMF Executive Board Approves US 4205 Million Disbursement Under Rapid Credit Facility for Nepal
Staff Report for the 2010 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility May 282010
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