Government accepts hefty amount of grants, loans

KATHMANDU: The government today agreed to accept huge amount of loans and grant assistance.

A meeting of the council of ministers on Thursday approved nearly Rs 9 billion in loan and grant assistance received from the World Bank.
The money would be spent for the School Sector Reform Program, according to the minister for information Madhav Poudel.

The meeting approved Rs 804.6 million in assistance for the second phase of safer housing project, Poudel said.

Likewise, the meeting approved Rs 7.58 billion in loan received from the Asian Development Bank for the Kathmandu Valley Drainage Management Project and Rs 6.6 billion in assistance for Poverty Alleviation Fund (PAF), Minister Poudel added.

The meeting also decided to send an eight-member team under the leadership of the Foreign Affairs Minister to Geneva, Switzerland, to participate in the Economic and Social Council Meeting to be held on July 1-5.

Likewise today’s cabinet meeting decided that the ministers should submit the presents received from their foreign counterparts to the concerned bodies and the Ministry of Foreign Affairs would submit the procedures to the government after preparing its draft.

The government also decided to continue the Kamaiya (a practice of bonded labor) Liberation Campaign.