[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111911-en":3,"doc-seo-111911-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111911,1374391974564,"Clementine","https://ap-avatar.wpscdn.com/avatar/14000253aa45c000a9e?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779874745381141002",8,"Research & Report","World Bank Governor's Statement No. 12 - Statement by the Hon. Rameshore Prasad Khanal, Governor of the IBRD for Nepal - Annual Meetings","World Bank Governor’s Statement No. 12 presents Governor Rameshore Prasad Khanal’s remarks at the 2025 World Bank Group and IMF Annual Meetings on the fragile state of the global economy and the need for renewed cooperation. It reviews external shocks affecting stability—pandemic impacts, inflation, conflicts, trade policy uncertainty—and highlights risks from debt vulnerabilities and geopolitical tensions. The statement then details Nepal’s youth-led political transition, the Integrated Business Recovery Plan, financial sector resilience, macroeconomic outlook, and fiscal reforms including green taxation, public financial management modernization, and continued priority investments.","Public Disclosure Authorized Public Disclosure Authorized  \nWorld Bank Governor's Statement No. 12  \nOctober 17, 2025  \nStatement by the Hon. RAMESHORE PRASAD KHANAL, Governor of the IBRD for NEPAL  \nStatement by the Hon. Rameshore Prasad Khanal,  \nGovernor of the IBRD for Nepal  \nMr. Chairperson,  \nMr. Ajay Banga, President of the World Bank Group, Ms. Kristalina Georgieva, Managing Director of the IMF, Fellow Governors and Delegates,  \nLadies and Gentlemen,  \n1. I am deeply honored to make my statement at the 2025 Annual Meetings of the World Bank Group and the International Monetary Fund. On behalf of the Government of Nepal, I extend my sincere appreciation to the leadership and management teams of both institutions for their unwavering commitment to guiding the global economy in these increasingly complex and challenging times.  \n2. We convene at a pivotal moment for the global economy, characterized by persistent structural imbalances and heightened vulnerabilities. The past few years have tested global resilience-from the COVID-19 pandemic in 2020 to surging inflation beginning in 2021, the ongoing war in Ukraine since 2022, and the Middle East conflict that erupted in late 2023.  \n3. More recently, uncertainty surrounding economic policies, including tariff regimes, has further challenged global stability. This calls for renewed international cooperation to restore a more stable and transparent global trade environment and to scale up support for vulnerable nations grappling with conflict, rising debt burdens, and the impacts of climate change.  \n4. Global growth is projected to slow to 3.0 percent in 2025, with modest recovery expected in 2026. While inflation is easing and supply chains have stabilized, risks persist from trade barriers, debt vulnerabilities, and geopolitical tensions. Artificial intelligence offers productivity gains but poses labor market challenges, and highly indebted economies face rising real interest rates despite falling inflation. Credible fiscal consolidation and investments in social protection, climate resilience, and digital transformation are therefore becoming imperative. To cope with these complex  \nchallenges, the World Bank and the IMF remain critical in coordinating global responses since the impacts are not homogenous across world economies.  \nMr. Chairman, allow me now to turn to developments within Nepal.  \n5. The youth-led “Gen-Z Movement” of September 8 and 9, 2025, has ushered in a new chapter in Nepal’s political history. The interim government was formed to hold election for the House of Representatives within six months- fulfilling the Nepali people's aspirations for ending corruption, ensuring good governance, delivering efficient and responsive public services, and accelerating development and prosperity. The movement has, however, caused notable economic disruptions, the full extent of which will only be known once ongoing damage assessments are completed.  \n6. To restore business confidence in the wake of these disruptions, the government has launched an Integrated Business Recovery Plan, offering grants, tax incentives, and operational support. Public resources have been reallocated from less productive initiatives to prioritize infrastructure rehabilitation and election preparations. Additionally, a dedicated Reconstruction Fund has been established to support the restoration of affected public and private assets.  \n7. Despite the series of external shocks, the financial sector has been resilient. The financial sector reform, including the financial consolidation, payment system modernization and digitalisation of overall financial services, has been expedited. The central bank has adopted an accommodative monetary policy by lowering interest rates and easing credit conditions. The resilience of the financial system has therefore been supportive for boosting investors' confidence and creating an enabling environment for a swift recovery of the private sector.  \n8. Th","cbCaihBfijAGVuYH","https://ap.wps.com/l/cbCaihBfijAGVuYH","pdf",235399,1,6,"English","en",105,"# Opening and global economic context\n## Global shocks and policy uncertainty\n# Developments in Nepal\n## Youth-led political transition and recovery plan\n## Financial sector resilience\n## Macroeconomic outlook and fiscal reforms","[{\"question\":\"What global economic challenges does the statement emphasize for 2025?\",\"answer\":\"It highlights structural imbalances and heightened vulnerabilities, including persistent inflation pressures easing unevenly, trade barriers, debt risks, and geopolitical tensions.\"},{\"question\":\"How does Nepal plan to restore business confidence after disruptions?\",\"answer\":\"The government launched an Integrated Business Recovery Plan with grants, tax incentives, and operational support, reallocated public resources to priority rehabilitation and election preparations, and created a Reconstruction Fund.\"},{\"question\":\"Which fiscal and public financial management reforms are described for Nepal?\",\"answer\":\"The statement describes broadening the tax base, rationalizing exemptions, introducing green taxation, and finalizing a Public Financial Management Strategy covering modern procurement, improved contract management, and real-time expenditure 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