Nepal : Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Nepal

Author/Editor:

International Monetary Fund. Asia and Pacific Dept

Publication Date:

May 11, 2020

Electronic Access:

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Summary:

The COVID-19 pandemic is having a severe impact on Nepal’s economy. During recent months, remittances have fallen considerably, tourist arrivals collapsed, and domestic activity has taken a hit amidst social distancing measures. As a result, immediate external financing and fiscal financing gaps have emerged of 3 percent of GDP and 2.6 percent of GDP, respectively. Given the ongoing uncertainty and still-large downside risks, it is crucial for Nepal to maintain a strong level of foreign reserves.

Series:

Country Report No. 20/155

Subject:

Rapid Credit Facility (RCF)