IMF residential office returns to Kathmandu, after 12 years

After 12 years of closing its unit in the country, the International Monetary Fund (IMF) is reopening its residential office in Nepal.

The IMF has appointed Teresa Daban Sanchez as the resident representative for Nepal, according to the IMF that has been looking after Nepal affairs from the Delhi-based office currently. “The Delhi office of the IMF has been looking after the affairs of Nepal, India and Maldives,” it added.

Earlier, the IMF office left Nepal citing its own financial problem.

Recently, the multilateral development partner has also approved loans of $ 398.50 million under Extended Credit Facility (ECF) to Nepal as the country battles to maintain its foreign currency reserves.

With the return of IMF office in Kathmandu, the foreign direct investment is expected to get a boost, apart from building confidence for the domestic investors also, as it will help Nepal with budgetary assistance to push the depleting foreign currency reserve (forex reserve) up.