Nepal has expressed interest in receiving a loan from the International Monetary Fund (IMF) in the amount of US $ 400 million under the Extended Credit Facility (ECF).
According to a news release published by the International Monetary Fund, the IMF is assisting Nepal with a 38-month program to assist the country in its process of economic recovery following the effects of the coronavirus pandemic in 2015. In this regard, the international organization has achieved an agreement with Nepal on the level of its employees.
In addition to having a negative impact on people’s health and livelihoods, the COVID-19 pandemic has taken a huge toll on Nepal’s economy. According to the statement, “GDP declined in 2019-20, and Nepal was hit by a disastrous second wave in 2021, which disrupted a tentative rebound in economic activity.”
According to the International Monetary Fund, the accord is expected to gain final approval from the IMF’s executive board in the coming weeks.