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The IMF loan to Nepal- Now gone corrupt!

The world bank and the imf are giving out loans. The country is obviously in an internal war if the WB and the IMF are involved. TI report has put Nepal on one of the most corrupt countries list! Why can't we just have an election? The King says shut up! People are killing each other! and begs for more guns. We happily supply them. No UN intervention necessary, says the King. Suspend elections "indeffinetly".
IMF approves US $10.6 million to Nepal


KOL Report

KATHMANDU, Oct 22 -

The International Monetary Fund (IMF) has approved US $10.6 million to Nepal under Poverty Reduction and Growth Facility (PRGF) arrangement.

The decision was made by the Executive Board of IMF upon completion of the first review of Nepal's economic performance under the three-year PRGF arrangement.

A press release issued by the organization on Thursday also approved a request for a waiver for the non-observance of a structural performance criterion on finalizing the audit of the Nepal Rastra Bank accounts by an international auditor, implementing a voluntary retirement scheme at the Bank and phase II of the voluntary retirement scheme at Rastriya Banijya Bank.

The release emphasizing on durable peace for achieving sustained, high economic growth stated, "Nepal's Poverty Reduction Strategy Paper (PRSP) continues to provide a sound basis for achieving higher growth and poverty alleviation."

The PRGF is the IMF's concessional facility for low-income countries. PRGF-supported programs are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners, and articulated in a Poverty Reduction Strategy Paper (PRSP).

PRGF loans carry an annual interest rate of 0.5 percent and are repayable over 10 years with a 5-year grace period on principal payments.

Completion of the first review will bring total disbursements under the program to US $21.2 million.

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TI lists Nepal among corrupt countries


KOL Report

KATHMANDU, Oct 21 - Transparency International (TI) has for the first time included Nepal among the most corrupt countries list.

A yearly report made public by the global anti-corruption watchdog in England on Wednesday included Nepal in its Corruption Perception Index-2004, putting it in the 90th position in the list of 146 countries surveyed for the corruption level.

The report says corruption is rampant in 60 countries out of the 146 countries.

The survey allotted 10 points for the corruption free country. The decrease in points meant increasing level of corruption in the country.

Nepal received 2.8 points out of 10 while Finland scored 9.7 claiming the top spot among the least corrupt countries. (dds)


IMF had approved the three-year arrangement on November 19, 2003 for amount equivalent to US $73.9 million. (dds)