Nepal is trying to make up its lost decade of conflict, according to finance minister Dr Ram Sharan Mahat.
Addressing the 47th annual meeting of Asian Development Bank (ADB) in Astana of Kazakhastan today, he said that Nepal went through a decade of conflict but now is returning to normalcy from the prolonged political transition. “The government is trying to recuperate from the lost decade and expedite economic growth,” he said, adding that the country has already lost precious time to develop. “The incumbent government formed after the second Constituent Assembly (CA) election is concentrating on economic development.”
Asking the ADB to help in infrastructure development including energy, irrigation and road he said that the country needs a huge aid to expedite the economic growth. “The current period is the right time for Nepal’s development.
The country will have Constitution in a year, Mahat said, adding that strong government, legal framework, efficiency of regulatory authority, and economic reform will make foreign investors and development partners feel good in Nepal. “It will help Nepal move on the path of speedy economic growth.”
Despite having huge potential of hydropower development, Nepal is facing an acute shortage of power, he said the incumbent is working hard to solve energy and transportation bottleneck, Mahat added. “However, the ADB’s help will be appreciated in government effort.”
He also informed the annual meeting that Nepal is ready to sing project development agreement (PDA) with foreign investors for hydropower projects soon.
The finance minister also said that the scattered budget will not ensure output and the government is trying to concentrate on specific projects. “The development partners also have to assist the government on specific projects to get desired output,” he said, informing that the government is soon bringing Foreign Aid Policy to make it easier for the development partners.
The Asia Pacific nations has poverty, inequality and lack of infrastructure, Mahat added. “But we have to fight unitedly against these malaise for development and prosperity.”