Kathmandu, May 3: The International Monetary Fund (IMF) is to provide 52.8 million US dollar loan to Nepal.
According to the press statement released by the IMF, the executive board of the IMF allowed the authorities payment of the amount after reviewing the Extended Credit Facility (ECF)-supported programmes. Nepal had initiated the process to obtain a loan from it after the balance of payment began worsening and the foreign currency reserve went on decreasing.
The IMF approved zero-interest rate loan of about 395.9 million US dollars to Nepal through it on 12 January 2022. The IMF had already released 110 million US dollars last January. The current 52.8 million US dollars is the second installment.
