Nepal to organise 'Economic Summit' soon

The government is planning to hold Economic Summit and Nepal Development Forum meet soon.
Addressing the Asian Development Fund (ADF) meeting organised by the Asian Development Bank (ADB) in Manila, finance secretary Krishna Hari Baskota said that Nepal is preparing for both the meeting in the near future.
"The country has been fully utilising foreign aid," he added.
The donors, however, urged all the aid recipient countries to become independent as in the long run only foreign aid could not help develop any country.
The donors also asked the aid recipient countries to improve performance and check corruption to maximum utilise the foreign aid.Some 30 donors — including South Korea that has become a donor from an aid recipient country — took part in the meeting, where they pledged to provide $12 billion to the ADB in the next four years. Out of the total Japan pledged to give 35 per cent, Australia (nine per cent), United States (six per cent), Britain (five per cent), Germany and South Korea three per cent each.
The European Union (EU) has however, said it is unable to increase aid due to its own ongoing financial crisis. But the declared amount will have to be approved by the parliaments of the respective donor countries.
Briefing the donors, Baskota said that Nepal currently has four priorities; peace, constitution, good governance and economic prosperity. "The government has declared fiscal year 2012-13 as Nepal Investment Year and is working hard on attracting foreign investment," he said, adding that Investment Board has already started its homework on attracting more foreign investment and the country has created investment friendly environment.
"Government's reforms have started showing results," the finance secretary said, adding that the macroeconomic indicators have been encouraging in the recent months. "The country had witnessed 3.5 per cent growth in the last fiscal year but this year it is hopeful to achieve five per cent growth," he briefed the donors. "The inflation has come down to 6.8 per cent in the six months of the current fiscal year compared to 9.6 per cent of the same period last fiscal year."
He also informed the meeting about the rise in the revenue mobilisation of 20 per cent from 11.5 per cent and increased inflow of remittance to 39 per cent from 12 per cent in the same period of last fiscal year. "The liquidity crunch faced by the banks last fiscal year has been solved and there has been comfortable liquidity situation in the current fiscal year," he added.
During the visit, Baskota met with the president of ADB Haruhiko Kuroda and discussed regarding mutual cooperation. Karudo said he was always ready to help Nepal in its developmental activities. He also met the vice president of ADB Xiaoyu Zhao, who was keen on promoting alternative energy sector in Nepal.