WBG Governor's Statement No. 14 - October 14, 2022 - Statement by Janardan Sharma Prabhakar, Governor for Nepal

Jul 19, 2026

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Statement by Janardan Sharma Prabhakar, Governor of the Bank for Nepal, delivered at the 2022 Annual Meetings of the World Bank Group and the International Monetary Fund. The speech highlights Nepal’s need for financial and technical support to sustain inclusive, sustainable development amid post-Covid inflation, climate-related disasters, and multiple overlapping global shocks. It emphasizes shared responsibility to fight poverty and strengthen resilience through national climate policies and the GRID development approach, including adaptation and mitigation commitments.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

AccessFree to download

Opening and thanks

Global partnership and shared responsibility

Key global economic and disaster challenges

Inflation, food and fuel costs, and shocks

Climate change risks in Nepal and the Himalayas

Food security, water scarcity, and vulnerability

National plans and development approach

Climate policy, NDCs, and GRID strategy

Public Disclosure Authorized Public Disclosure Authorized WBG Governor's Statement No. 14 October 14, 2022 Statement by the Hon. JANARDAN SHARMA PRABHAKAR, Governor of the Bank for NEPAL Statement by the Hon. Janardan Sharma Prabhakar, Governor of the Bank for Nepal Mr. Chairman, Mr. David Malpass, President of the World Bank Group, Ms Kristalina Georgieva, Managing Director of the International Monetary Fund, Fellow Governors and Alternative Governors, Distinguished Delegates, Ladies and Gentlemen! 1. On behalf of the Government of Nepal, it is my distinct privilege to participate in this year’s Annual Meeting of the Board of Governors of the World Bank Group and the International Monetary Fund. I am most grateful to the management teams of both the Bank and the Fund for their unwavering efforts – ensuring this year’s meetings are expertly organised. Please allow me also to acknowledge the role played by the Bank and the Fund in safeguarding a unique global partnership that has, time after time, proven foundational to protecting people and economies throughout the world. I foresee an ever-greater role for these twin institutions over the coming months and years, as greater global uncertainty – whether in terms of trade and investment , uncertainties in connection with the remnants of the Covid-19 pandemic, geopolitical tensions, climate change or debt distress. Now is also an opportune moment to remind these institutions of our shared responsibility to fight poverty in all its dimensions and to boost shared prosperity. I believe that global socio-economic issues can only be addressed through collective efforts that recognise and respect the voices of economies, both large and small - including economies such as Nepal. On behalf of the Government of Nepal, I would also like to take this opportunity to recognise ongoing and historical financial and technical assistance provided by both the World Bank and the IMF, support which has been instrumental in ensuring the continued, inclusive, sustainable socio-economic development of Nepal. Distinguished Delegates, Ladies and Gentlemen, We meet just as the global economy is passing through a series of challenges in the wake of the Covid-19 pandemic. Unprecedented inflation, combined with the rising cost of food and fuel resulting from ongoing geopolitical tensions, and escalating risks associated with natural and man-made disasters, climate change, and other global economic shocks , each pose a real and present threat to our shared ambitions to usher in a world free of poverty, achieve responsible growth and shared prosperity, and promote sustainable development respectful of planetary boundaries. Responding to these challenges, Least Developed Countries, which for now still includes Nepal, enjoy limited fiscal space in which to allocate resources to protect our most vulnerable populations, particularly during periods of significant crisis. Promoting longterm , sustainable growth while addressing our people's immediate needs remains a challenging task requiring the careful balancing of policy responses – involving flexibility and control - balancing economic growth imperatives with social and macroeconomic stability – all while navigating multiple, overlapping, and sustained crises. Ladies and Gentlemen: The effects of global warming in the Himalayan region pose a severe threat to food security, water and energy provision, and an existential threat to life within the region and beyond. Sadly, throughout the Himalayas , melting glaciers and loss of seasonal snow risk leaving between 1.5 and 1.7 billion people vulnerable to water scarcity if serious climate protection and mitigation interventions are delayed. Closer to home in my country, Nepal-despite emitting just 0.027 per cent of global CO2 emissions, yet with abundant green forest areas serving as natural carbon sinks unlocking Nepal’s carbon storage potential – remains highly vulnerable to t

FAQs

Who delivered the statement and in what context?

Janardan Sharma Prabhakar, Governor of the Bank for Nepal, delivered the statement on October 14, 2022, at the World Bank Group and IMF Annual Meetings.

What challenges does the statement cite for the global economy?

It highlights post-Covid pressures including unprecedented inflation, rising food and fuel costs, and escalating risks from natural and man-made disasters, climate change, and other global economic shocks.

How does the statement describe Nepal’s climate vulnerability and risks?

It emphasizes severe threats to food security, water, and energy in the Himalayan region and notes Nepal’s high vulnerability despite low CO2 emissions, citing water-induced disasters and extreme hydro-meteorological events.

Jul 19, 2026

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