Govt, World Bank hold joint portfolio review
KATHMANDU, OCT 10 -
The government and the World Bank carried out a joint review of bank supported projects in Nepal last week. The meeting, the second joint portfolio review this year, was chaired by finance secretary Krishna Hari Baskota. World Bank country manager for Nepal Tahseen Sayed led the World Bank team while Lal Shankar Ghimire, joint secretary at the Finance Ministry, coordinated the proceedings.
The meeting reviewed 10 projects considered risky and slow-moving or heading to closure later in the year. The review noted that delays in the announcement of a full budget posed a serious risk to implementation and would affect performance and results. It also identified frequent and untimely transfers of project staff, weaknesses in financial and procurement management, and limited performance monitoring as additional areas of concern.
The World Bank currently supports 17 projects in Nepal through concessional and grant financing amounting to US$ 1.3 billion. The meeting noted Nepal’s good development results including progress in poverty reduction, gender parity in education, reduction in maternal mortality and improved infrastructure access, among others.
Welcoming the World Bank as a large and stable development partner, Baskota said budget allocations would be made available on time, and implementation of five projects closing in 2013 would be accelerated, ensuring proper utilisation of the remaining amounts available under these projects. He also offered organising a high-level meeting to address implementation issues, including compliance with social and environment safeguards, which is slowing down progress in the energy sector.
“Nepal’s achievements in the areas of health, education and livelihoods have made a positive impact on people’s lives, especially girls and women” said Ms Sayed. She welcomed the Ministry of Finance and line ministries’ commitment to expedite implementation, curtail staff transfers and unlock the issues impeding progress in the energy sector projects.
Source: The Kathmandu Post
