First Business News Portal in English from Nepal
KATHMANDU: Nepal is set to receive receive a debt service relief amounting to 4.299 million Euro, Rs 582 million, through a European Union contribution of Euro 183 million to the Catastrophe Containment Relief Trust (CCRT) set, up by the International Monetary Fund (IMF).
Issuing a press statement, EU Ambassador to Nepal, Nona Deprez, said that EU is happy to share the good news and believe that the debt relief will create a fiscal space enabling Nepal to move to a green, resilient and inclusive recovery from the COVID-19 pandemic.
The debt relief for Nepal is in line with the European Commission President Ursula von der Leyen’s Global Recovery Initiative, which called for linking investments and debt relief to the SDGs.
“In this difficult period, the resources freed up can provide social services for the most vulnerable people, such as access to essential healthcare and education for young people, including girls,” said Jutta Urpilainen, European Commissioner for International Partnerships.
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