Nepal is gearing up to host a major international economic conference, as Finance Minister Barshaman Pun and Martin Rager, Vice President of the World Bank for South Asia, convened in Kathmandu to discuss preparations for the upcoming 21st meeting of the World Bank’s International Development Association (IDA).
The high-profile summit, scheduled to take place from June 18-21, will see representatives from 92 countries converge in the Nepali capital, including Ajay Banga, the President of the World Bank Group.
During their meeting, Rager, who is currently in Nepal to lead the World Bank Group’s participation in the Third International Investment Summit, discussed the upcoming IDA meeting with Minister Pun. The Finance Ministry revealed that Banga, the World Bank Group’s President, would also attend the crucial gathering.
Rager informed Minister Pun that high-ranking World Bank officials would conduct on-site visits to various ongoing development projects funded by the World Bank following the IDA meeting. Pun assured arrangements for these visits and informed Rager that preparations for the IDA meeting were well underway.
To oversee the preparations, the Finance Ministry has formed an Organizing Committee led by Finance Secretary Madhu Kumar Marasini and a Management and Coordination Committee headed by Srikrishna Nepal, Head of the International Economic Cooperation and Coordination Division. Both committees have already initiated relevant activities to ensure a successful hosting of the global event.
The IDA, a division of the World Bank, plays a crucial role in supporting the world’s poorest countries through zero-low interest loans and grants aimed at enhancing economic growth and improving living conditions. Nepal’s selection as the host country for the IDA meeting follows proposals from various nations, marking a significant milestone as the country hosts such a high-level global economic summit for the first time.
The IDA meeting occurs once every three years, with the 20th meeting held in Japan from December 14-15, 2021.
As Nepal prepares to welcome global leaders and development experts, the IDA summit is expected to provide a platform for discussions on critical issues related to poverty alleviation, economic growth, and improving living standards in developing nations. The event also presents an opportunity for Nepal to showcase its development initiatives and strengthen its international relations, while positioning itself as a capable host for global economic conferences.
