India VS Pakistan
Kathmandu, [Sept 29] — In a proactive move to ensure the efficient implementation of development projects, the Government of Nepal, in conjunction with the Asian Development Bank (ADB) and the World Bank, recently convened a Joint Tripartite Portfolio Review Meeting. The primary objective of the meeting was to assess the progress of projects supported by ADB and the World Bank and to address key issues that could potentially impact portfolio performance.
Chaired by Nepal Finance Minister Prakash Sharan Mahat and Finance Secretary Krishna Hari Pushkar, the meeting witnessed the participation of high-ranking officials, project directors, and representatives from ADB and the World Bank. During the proceedings, participants shared updates on the current progress of various projects and engaged in discussions to identify constraints and challenges that, if not addressed promptly, might hinder overall portfolio performance.
In his remarks, Finance Minister Prakash Sharan Mahat expressed gratitude to ADB and the World Bank for their steadfast support towards Nepal’s development efforts. He emphasized the importance of the meeting in identifying collective issues that necessitate improvement and correction. Minister Mahat stressed the need for seamless interdepartmental coordination to expedite tasks, ensuring that development projects remain aligned with their intended objectives. “The Ministry of Finance remains committed to timely budget allocation to facilitate the successful execution of these projects,” said Minister Mahat.
ADB Officer-in-Charge for Nepal, Arnaud Heckmann, commended the Ministry of Finance’s leadership in proactively addressing issues to ensure the success of the portfolio. He emphasized that timely project implementation is crucial for maximizing the positive impact of development projects, ensuring efficient resource utilization, and delivering tangible results on the ground. “We will continue to collaborate closely with implementing agencies to mitigate potential delays and ensure that our projects remain on track,” stated Mr. Heckmann.
World Bank Country Director for Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos, acknowledged the government’s efforts to expedite project implementation and ensure the timely delivery of externally and domestically financed projects. He emphasized the commitment to work together to enhance project performance and prioritize concrete development results, particularly for marginalized and vulnerable populations. “Nepal has achieved this in the past, and there is no reason why we cannot optimize performance once again,” said Mr. Hadad-Zervos.
Following extensive discussions, the Ministry of Finance, relevant ministries, implementing and executing agencies, ADB, and the World Bank have agreed upon specific actions to overcome challenges and accelerate project implementation and disbursement.
This collaborative effort underscores the commitment of all stakeholders to ensuring the successful execution of development projects in Nepal, ultimately contributing to poverty reduction, sustainable development, and the well-being of the Nepali people.
