RBI to support Nepali institutions involved in debt recording & mgmt

December 2, 2004
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The Reserve Bank of India (RBI), India’s central bank has agreed to provide technical support to Nepali institutions involved in debt recording and management.

According to the press communiqué issued by the Asian Development Bank (ADB) on Thursday, the agreement was reached between RBI and a delegation of the Nepal Government that visited India from 7 to 11 November 2004.

The visit was undertaken as a part of the Asian Development Bank (ADB) assisted technical assistance – Institutional Strengthening for Effective Public Debt Management.

The delegation led by Krishna Gyawali, Joint Secretary at the ministry of finance, comprised officials from the Financial Comptroller General’s Office and the Nepal Rastra Bank. The team visited RBI and the Indian Finance Ministry.

The RBI has also agreed to accommodate participants from Nepal in their training programs on public debt management and to exchange experiences in debt management, the release added.

The US$400,000 technical assistance was approved in December 2002 and is scheduled to close on 30 June 2005. It aims to improve public debt management by strengthening the legal, regulatory, and institutional framework for public sector borrowing, improving government capacity for formulating debt policy and planning, strengthening debt accountability and transparency by improving debt recording and accounting, it is stated.