International
Monetary Fund (IMF) has suggested a tight liquidity conditions to guard against
risks of rising inflation and reduce inflation expectations.
Deputy
Managing Director of the International Monetary Fund (IMF) Naoyuki Shinohara at
the concluding ceremony of the South East Asian central banks' (SAECEN) Governors
conference, here today, hailed Nepal's fiscal policies. "In terms of
macroeconomic management, the fiscal policies have been prudent and revenues
have been rising strongly, thanks to the authorities’ efforts at improving tax
administration," he said, adding that Nepal’s peg to the Indian rupee has
served as a valuable anchor for macroeconomic policies.
Likewise,
he also hailed the country's progress in achieving the Millennium Development
Goals (MDGs), particularly on poverty reduction and on health and sanitation.
"I would also like to congratulate the authorities and the people of Nepal
on their successful conduct of the Constituent Assembly (CA) elections,"
he said, adding that the IMF will continue to support the authorities through
policy advice and technical assistance in their work to maintain economic
stability and accelerate growth.
He
also reiterated the IMF's support in the efforts to improve regulation and
supervision to ensure financial stability, while expanding access to financial
services. "The upcoming assessment under the Financial Sector Assessment
Programme (FSAP) that the IMF and the World Bank will conduct jointly will contribute
to mapping out further reform steps."
In
my meetings, I commended the SAECEN authorities for their work in maintaining
strong external accounts and a strong fiscal position, Shinohara said, adding
that they discussed on how to accelerate and sustain growth, and ensure
macroeconomic and financial stability. "In this context, I support the
authorities’ aim to boost the economy’s potential, including by taking
advantage of the resource inflows from remittances. Important contributions in
this regard can be made by raising public capital spending and improving the
business climate to create an attractive environment for private investment."
Shinohara,
also held discussions with central bank governor Dr Yub Raj Khatiwada, on the
sidelines of the SAECEN Governors meeting that started in the capital on
Wednesday and concluded today.
The representatives of the Asian
Development Bank, IMF, World Bank and various international experts took part
in the seminar that focused on Financial Sector Development Strategy for
Inclusive Growth. SAECEN has 19 central banks of South East Asian countries.
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