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Law > Business and Financial

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Cover IMF Staff Country Reports
Nepal: Technical Assistance Report—Financial Sector Stability Review
International Monetary Fund. Statistics Dept.
and
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance (TA) paper on Nepal highlights the financial sector stability review. The mission conducted a diagnostic review of the financial sector oversight capacity and proposed a Technical Assistance Roadmap (TARM) to support the authorities’ efforts to strengthen the identification, analysis, and mitigation of risks to financial stability in Nepal. The Nepal Rastra Bank has developed its approach to supervision and continuing to strengthen its capacity will help improve the resilience of the banking sector. Payment systems modernization efforts have gained momentum, but further progress is needed to improve the safety and efficiency of payment systems to support monetary policy and financial stability. Financial sector statistics in Nepal have scope for improvement. Currently, the monetary and financial statistics cover the central bank, and other depository corporations comprising of commercial banks, development banks, and finance companies, which accept deposits. The mission’s diagnostic review supports a TA plan. The main recommendations are summarized and the comprehensive TARM is provided in this paper.
Keywords:
working capital; Nepal FSSR TA roadmap; liquidity regulation; request of the Nepal Rastra Bank; NRB regulation; payment legislation; NRB senior management; IMF to IMF executive directors; IMF MCM; macro-financial risk; payment Systems Department; modernization effort; NRB staff; Payment systems; Stress testing; Real time gross settlement systems; Financial sector stability; Global
Cover IMF Staff Country Reports
Nepal: Request for an Arrangement Under the Extended Credit Facility -Press Release; Staff Report; Debt Sustainability Analysis; Staff Supplement; Statement by the Executive Director for Nepal
International Monetary Fund. Asia and Pacific Dept
The COVID-19 pandemic severely impacted Nepal’s economy. Tourist arrivals collapsed, domestic activity plummeted, and remittances have been volatile. As a result, balance of payments and fiscal financing gaps emerged. After growth was lower than expected in 2019/20, a gradual resumption in economic activity and a corresponding surge in imports and related tax receipts led to higher growth and improved fiscal outturns in 2020/21. However, important fiscal and external financing needs remain to support the COVID-19 response, facilitate a continued recovery, and maintain a comfortable level of reserves.
Keywords:
financing gap; procurement contract; ECF arrangement; November data; import surge; consumer price inflation; COVID-19; Debt relief; Global
Cover IMF Staff Country Reports
Nepal: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper examines the degree to which inflation co-moves between India and a panel of countries in Asia. The paper shows that the considerable co-movement in headline inflation rates between India and Nepal is driven almost exclusively by food-inflation co-movement. By contrast, the role for inflation spillovers emanating from India in driving non-food inflation in Nepal appears limited. The implication is that Nepal should rely on domestic monetary policy rather than stable inflation in India to achieve stable domestic inflation. The main takeaway from the results is that food inflation co-movement between India and other countries is higher in cases where the co-movement in rainfall deviations from seasonal norms is highest. Since core inflation co-movement is weak, idiosyncratic domestic factors such as economic slack, exchange-rate movements, and differing degrees of passthrough from food- and energy-price shocks play an important role. This finding is critically important for monetary policy, especially since domestic policy is primarily effective only in controlling core inflation. Thus, domestic monetary policy needs to be calibrated to domestic inflationary pressures—Nepal cannot necessarily rely on stable inflation in India to achieve stable domestic inflation.
Keywords:
ISCR; CR; Nepal; headline inflation inflation rate; SME credit guarantee scheme; policy effort; SME lending; India-Nepal case; government initiative; Fiscal federalism; Financial inclusion; Inflation; Asia and Pacific; Global; South Asia