MoF to evaluate economic impact of recent floods, landslides

KATHMANDU: The Ministry of Finance (MoF) has started an assessment of the economic impact and resource management following the recent floods and landslides.

During a meeting of the Ministry's High Management Team today, Deputy Prime Minister and Minister for Finance, Bishnu Prasad Paudel, instructed the Ministry to undertake this evaluation. He emphasised the need for additional funds and resources for rescue, relief, and reconstruction efforts, as the floods and landslides triggered by incessant rains on September  27-29 have caused significant loss of life and property.

Minister Paudel highlighted that the damage to private shelters, roads, hydropower projects, educational institutions, agriculture, trade, and the industrial sector, among others, along with the human losses, will adversely affect the economy, which was on a path to recovery. He stressed the importance of organised efforts in relief and reconstruction to lay the groundwork for future economic growth.

Prior to the natural disaster, the Ministry of Finance, along with the International Monetary Fund (IMF), the World Bank, and the Asian Development Bank, had reported improvements in Nepal's economy.