Government and World Bank complete annual review of portfolio performance The joint portfolio review of the Government of Nepal and the World Bank concluded on August 27 covering 27 ongoing World Bank-financed projects with a net commitment of $3.27 billion.
The joint portfolio review of the Government of Nepal and the World Bank concluded on August 27 covering 27 ongoing World Bank-financed projects with a net commitment of $3.27 billion.
The concluding meeting was chaired by Finance Secretary, Mr. Madhu Kumar Marasini and World Bank Country Director for Maldives, Nepal, and Sri Lanka, Mr. Faris Hadad-Zervos in the presence of Honorable Finance Minister, Mr. Janardan Sharma and Vice Chairman of National Planning Commission, Dr. Biswo Poudel.
Highlighting the perspective of general citizens on government projects, Finance Minister, Mr. Janardan Sharma instructed the completion of projects within the stipulated time while maintaining quality, and urged all participants to utilize scientific tools and techniques for project implementation.
The Minister also thanked the World Bank for its continued support to the Government of Nepal. The concluding meeting was held at the Ministry of Finance with a hybrid model consisting of in-person as well as virtual presence considering the health protocol.
The meeting discussed on issues that remain unresolved at the line ministry level and of strategic importance which required high level attention. The meeting discussed the impacts of COVID-19 on project implementation that had led to delays. In addition, other generic implementation issues such as weak capacity in project management especially at provincial and local levels, frequent turnover of civil servants, procurement delays, safeguard related issues, and slow disbursement were discussed.
Focusing on coordinated and joint efforts for delivering development impacts, Finance Secretary, Mr. Madhu Kumar Marasini requested the participants to build a common understanding to improve the overall implementation environment of the projects. He expressed his appreciation of the assistance provided by the World Bank even during difficult times.
The annual stocktaking exercise is organized to review the performance of ongoing projects, review implementation challenges, and identify measures to resolve such challenges collaboratively. Sectoral meetings that were organized with the relevant line ministries under the chair of respective Secretaries discussed in depth key results achieved under each project, underlying issues and challenges, and agreed actions to resolve such issues.
The World Bank’s current project portfolio in Nepal covers energy, transport, earthquake housing reconstruction, education, health, social protection, environment, urban development, water & irrigation, agriculture and livestock, and public financial management sectors. “While the COVID-19 pandemic has impacted the pace of development works in Nepal, we are encouraged by the government’s efforts to strengthen implementation and deliver results amid the pandemic’s challenges,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.
“The pandemic has also provided an opportunity to recalibrate our approach to improve project implementation and capital spending, whereby our projects deliver timely results for the benefit of Nepalis.” The portfolio review was attended by Secretaries, Joint Secretaries, and Director Generals from related ministries and departments, National Planning Commission, Financial Comptroller General Office, and representatives from the World Bank and project teams.
Most Recent News
|Nepal to have benefit in GSP facilities even after Nepal's LDC graduation||News||2023-09-27 00:00:00.0|
|UK has come out with The Developing Countries Trading Scheme (DCTS)||News||2023-09-07 00:00:00.0|
|Hong Kong Trade Development Council (HKTDC) visited Trade and Export Promotion Centre||News||2023-08-29 00:00:00.0|
|Deputy Head of Mission, Australian Embassy in Kathmandu visited Trade and Export Promotion Centre||News||2023-08-28 00:00:00.0|
|Nepal-USA Trade and Investment Framework Agreement (TIFA) Meeting||News||2023-05-23 00:00:00.0|