Pub Date : 2009-12-26DOI: 10.3126/nrber.v21i1.52805
Bhubanesh Pant, Rajan Krishna Panta
Nepal’s policy regime has not been very instrumental in improving trade competitiveness. Although policy measures have been announced from time to time to identify new exportable products and encourage diversification of export markets, these have hardly been executed. The challenge for Nepal is complicated by the legacy of the past. Against this perspective, this paper a) examines the export scenario of Nepal and reviews the past studies on the country's export potential; b) illustrates Nepal's competitiveness of the export sector; and c) suggests measures for promoting export diversification and competitiveness. Based on the estimation of the real effective exchange rate (REER), this paper shows that the country is gradually losing its competitiveness. Although various studies have demonstrated that Nepal possesses competitive advantage in herbal products, woollen carpets, tea, garments and pashmina, among others, a comprehensive case-by-case analysis of home and host countries trading environment, supply and demand conditions, cost of production, capacity to innovate, as well as its forward and backward linkages should be conducted to translate the export potential to the actual trading opportunities.
{"title":"Export Diversification and Competitiveness: Nepal’s Experiences","authors":"Bhubanesh Pant, Rajan Krishna Panta","doi":"10.3126/nrber.v21i1.52805","DOIUrl":"https://doi.org/10.3126/nrber.v21i1.52805","url":null,"abstract":"Nepal’s policy regime has not been very instrumental in improving trade competitiveness. Although policy measures have been announced from time to time to identify new exportable products and encourage diversification of export markets, these have hardly been executed. The challenge for Nepal is complicated by the legacy of the past. Against this perspective, this paper a) examines the export scenario of Nepal and reviews the past studies on the country's export potential; b) illustrates Nepal's competitiveness of the export sector; and c) suggests measures for promoting export diversification and competitiveness. Based on the estimation of the real effective exchange rate (REER), this paper shows that the country is gradually losing its competitiveness. Although various studies have demonstrated that Nepal possesses competitive advantage in herbal products, woollen carpets, tea, garments and pashmina, among others, a comprehensive case-by-case analysis of home and host countries trading environment, supply and demand conditions, cost of production, capacity to innovate, as well as its forward and backward linkages should be conducted to translate the export potential to the actual trading opportunities.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128498771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-12-26DOI: 10.3126/nrber.v21i1.52806
Prakash Shrestha
This paper investigates the role of composition of public expenditure, particularly the expenditure on physical infrastructure, on economic growth in Nepal from the time series perspective based on the endogenous growth model. The impact of public expenditure on economic growth has been found to be positive. Hence, low economic growth in Nepal in recent years can be attributed to low government expenditure on infrastructure. Availability of infrastructure situation is very dismal. Given the sustainable debt scenario, Nepal can go for more investment in infrastructure by external borrowing at least for the medium term.
{"title":"The Composition of Public Expenditure, Physical Infrastructure and Economic Growth in Nepal","authors":"Prakash Shrestha","doi":"10.3126/nrber.v21i1.52806","DOIUrl":"https://doi.org/10.3126/nrber.v21i1.52806","url":null,"abstract":"This paper investigates the role of composition of public expenditure, particularly the expenditure on physical infrastructure, on economic growth in Nepal from the time series perspective based on the endogenous growth model. The impact of public expenditure on economic growth has been found to be positive. Hence, low economic growth in Nepal in recent years can be attributed to low government expenditure on infrastructure. Availability of infrastructure situation is very dismal. Given the sustainable debt scenario, Nepal can go for more investment in infrastructure by external borrowing at least for the medium term.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"06 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131579772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-12-26DOI: 10.3126/nrber.v21i1.52803
N. Maskay, Satyendra Raj Subedi
The paper examines the development of Nepalese financial system which is categorized into three different phases: the first phase is the pre-NRB period; the second phase starts with NRB Act of 1955, which is further disaggregated into two sub-periods at 1984, the start of domestic financial liberalization; and the third and ongoing phase starts after enactment of current NRB Act of 2002. After analyzing period aggregate data on the financial system, the paper concludes that despite significant financial deepening in the context of financial liberalization and integration with the external economy, there is still scope for geographically balanced financial development. For addressing these challenges in a comprehensive manner, the study proposes initiating the development of a Financial Sector Master Plan.
{"title":"Development of the Nepalese Financial System: Need for the Formulation of a Master Plan","authors":"N. Maskay, Satyendra Raj Subedi","doi":"10.3126/nrber.v21i1.52803","DOIUrl":"https://doi.org/10.3126/nrber.v21i1.52803","url":null,"abstract":"The paper examines the development of Nepalese financial system which is categorized into three different phases: the first phase is the pre-NRB period; the second phase starts with NRB Act of 1955, which is further disaggregated into two sub-periods at 1984, the start of domestic financial liberalization; and the third and ongoing phase starts after enactment of current NRB Act of 2002. After analyzing period aggregate data on the financial system, the paper concludes that despite significant financial deepening in the context of financial liberalization and integration with the external economy, there is still scope for geographically balanced financial development. For addressing these challenges in a comprehensive manner, the study proposes initiating the development of a Financial Sector Master Plan.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124865653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-12-26DOI: 10.3126/nrber.v21i1.52807
T. Koirala
This paper utilizes cointegration procedure of Johansen and Juselius (1990) in estimating the long run economic relationships of macroeconomic variables comprising M2 monetary aggregate, Real Gross Domestic Product (RGDP), Consumer Price Index (CPI) and Interest Rate (RT) using annual data ranging from 1975 to 2006. Since one cointegrating vector is found to be statistically significant among the variables under consideration, the result is tantamount to deducing the coefficients of Error Correction Model (ECM). In an application of the Augmented Dickey and Fuller (ADF) test to examine the presence of unit roots in the variables prior to the variables used in estimating long run relationships, the ADF sequential search procedure supports an existence of unit roots in all the variables. This paper also estimates the demand for money function in Nepal as an application of long run relationships between the variables using the said procedure. The coefficients of income and interest rate elasticity of M1 so estimated as depicted by the normalized cointegrating vector are in line with theoretical underpinning. Since the coefficients estimated in this paper rely on restricted VAR method that are contrary to the past practices in estimating cointegrating vector using the Engle-Granger (1987) two-step procedure in Nepal, the coefficients are supposed to be robust and consistent owing to the stronger restrictions imposed by cointegrating vector as against the a theoretical VAR approach.
{"title":"Long-run Relationships of Macroeconomic Variables in Nepal: A VAR Approach","authors":"T. Koirala","doi":"10.3126/nrber.v21i1.52807","DOIUrl":"https://doi.org/10.3126/nrber.v21i1.52807","url":null,"abstract":"This paper utilizes cointegration procedure of Johansen and Juselius (1990) in estimating the long run economic relationships of macroeconomic variables comprising M2 monetary aggregate, Real Gross Domestic Product (RGDP), Consumer Price Index (CPI) and Interest Rate (RT) using annual data ranging from 1975 to 2006. Since one cointegrating vector is found to be statistically significant among the variables under consideration, the result is tantamount to deducing the coefficients of Error Correction Model (ECM). In an application of the Augmented Dickey and Fuller (ADF) test to examine the presence of unit roots in the variables prior to the variables used in estimating long run relationships, the ADF sequential search procedure supports an existence of unit roots in all the variables. This paper also estimates the demand for money function in Nepal as an application of long run relationships between the variables using the said procedure. The coefficients of income and interest rate elasticity of M1 so estimated as depicted by the normalized cointegrating vector are in line with theoretical underpinning. Since the coefficients estimated in this paper rely on restricted VAR method that are contrary to the past practices in estimating cointegrating vector using the Engle-Granger (1987) two-step procedure in Nepal, the coefficients are supposed to be robust and consistent owing to the stronger restrictions imposed by cointegrating vector as against the a theoretical VAR approach.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"147 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127461754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-11-01DOI: 10.3126/nrber.v22i1.52798
N. Maskay, R. Pandit
The paper examines the interest rate pass through of the policy interest rate to the market interest rate in Nepal. The span of the empirical exercise covers the phase of interest rate liberalization commencing from the first quarter of 1989/1990 to the final quarter of 2008/2009. The result suggests that there is a significant long run elasticity coefficient of the policy rate (taken to be the bank rate) to the different market rates (e.g. 1 yr fixed deposit, lending rate and saving rate), but there is only one error correcting relationship between the bank rate and the lending rate in the short run. However, the speed of adjustment, i.e. the adaptation coefficient, indicates a weaker adjustment of the short-term dynamics to the long run equilibrium. Looking at the sub-sample, which coincides with the promulgation of the NRB Act 2002, the period starting from the third quarter of 2001/2002 to the final quarter of 2008/2009, suggests that there is insignificant elasticity coefficient between the policy rate and two of the above-mentioned market rates. Paradoxically, while the elasticity coefficient between the policy rate and lending rate is found to be significant, it is negative! Overall, the situation indicates that at present, the bank rate in Nepal is ineffective in influencing the market rates and suggests that there are other factors at play. The paper ends by recommending introduction of a more effective indicator of monetary stance, greater awareness of external factors when making monetary policy, and enhancing and guiding the development of the domestic financial sector for equitable financial development and growth.
{"title":"Interest Rate Pass-Through in Nepal","authors":"N. Maskay, R. Pandit","doi":"10.3126/nrber.v22i1.52798","DOIUrl":"https://doi.org/10.3126/nrber.v22i1.52798","url":null,"abstract":"The paper examines the interest rate pass through of the policy interest rate to the market interest rate in Nepal. The span of the empirical exercise covers the phase of interest rate liberalization commencing from the first quarter of 1989/1990 to the final quarter of 2008/2009. The result suggests that there is a significant long run elasticity coefficient of the policy rate (taken to be the bank rate) to the different market rates (e.g. 1 yr fixed deposit, lending rate and saving rate), but there is only one error correcting relationship between the bank rate and the lending rate in the short run. However, the speed of adjustment, i.e. the adaptation coefficient, indicates a weaker adjustment of the short-term dynamics to the long run equilibrium. Looking at the sub-sample, which coincides with the promulgation of the NRB Act 2002, the period starting from the third quarter of 2001/2002 to the final quarter of 2008/2009, suggests that there is insignificant elasticity coefficient between the policy rate and two of the above-mentioned market rates. Paradoxically, while the elasticity coefficient between the policy rate and lending rate is found to be significant, it is negative! Overall, the situation indicates that at present, the bank rate in Nepal is ineffective in influencing the market rates and suggests that there are other factors at play. The paper ends by recommending introduction of a more effective indicator of monetary stance, greater awareness of external factors when making monetary policy, and enhancing and guiding the development of the domestic financial sector for equitable financial development and growth.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"129 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129367900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-12-30DOI: 10.3126/nrber.v20i1.52809
R. Shrestha
With a view to explain the long-run and cyclical behaviour of private savings in Nepal during the period 1974-2005, the study employs an error-correctionframework. The study estimated 0.309 as marginal propensity to save with the corresponding value of 0.365 in the long-run. The estimation results reveal thatreal income, real government savings, real foreign savings, real interest rates, and labour market constraints play important roles in determining private savings in the short and long-run. The findings of the study suggest that there is a need to focus on development policy which increases productive base of the economy in order to increase income growth and reduce unemployment. It is also important to note that the real interest rates have a positive influence on the private savings and can be taken as an important policy variable in Nepal.
{"title":"Private Savings Behaviour in Nepal: Longterm Determinants and Short-run Dynamics","authors":"R. Shrestha","doi":"10.3126/nrber.v20i1.52809","DOIUrl":"https://doi.org/10.3126/nrber.v20i1.52809","url":null,"abstract":"With a view to explain the long-run and cyclical behaviour of private savings in Nepal during the period 1974-2005, the study employs an error-correctionframework. The study estimated 0.309 as marginal propensity to save with the corresponding value of 0.365 in the long-run. The estimation results reveal thatreal income, real government savings, real foreign savings, real interest rates, and labour market constraints play important roles in determining private savings in the short and long-run. The findings of the study suggest that there is a need to focus on development policy which increases productive base of the economy in order to increase income growth and reduce unemployment. It is also important to note that the real interest rates have a positive influence on the private savings and can be taken as an important policy variable in Nepal.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132763093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-12-30DOI: 10.3126/nrber.v20i1.52970
B. P. Gautam
This paper investigates the effects of tourism industry on gross domestic product (GDP) and finds a significant positive relationship between tourism financing and GDP. Moreover, the role of various sources of tourism financing, including government financing and the loan financing of banks and financial institutions, on economic growth has also been examined and the result supports the conventional wisdom that there is significant positive relationship between the variables. This paper uses primary data collected from the field survey during February - April 2006 and the secondary data utilizing 30 annual observations from FY 1974/75 to 2004/05. Both the level and logarithmic form data are examined using the OLS estimation method and the Cochrane-Orcutt (C-O) iterative procedure is applied considering the robustness of the model.
{"title":"Economic Impact of Tourism Finance in Nepal","authors":"B. P. Gautam","doi":"10.3126/nrber.v20i1.52970","DOIUrl":"https://doi.org/10.3126/nrber.v20i1.52970","url":null,"abstract":"This paper investigates the effects of tourism industry on gross domestic product (GDP) and finds a significant positive relationship between tourism financing and GDP. Moreover, the role of various sources of tourism financing, including government financing and the loan financing of banks and financial institutions, on economic growth has also been examined and the result supports the conventional wisdom that there is significant positive relationship between the variables. This paper uses primary data collected from the field survey during February - April 2006 and the secondary data utilizing 30 annual observations from FY 1974/75 to 2004/05. Both the level and logarithmic form data are examined using the OLS estimation method and the Cochrane-Orcutt (C-O) iterative procedure is applied considering the robustness of the model.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131545976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-12-30DOI: 10.3126/nrber.v20i1.52808
B. Shrestha
This paper assesses the contribution of foreign employment and remittances to Nepalese economy and also identifies the information needs and gaps. An attempt is also made to assess the role of remittances in poverty reduction. At a time when the country's major economic indicators are not favorable, the remittances have played a vital role in maintaining macro economic stability and keeping the economy afloat. Though remittances sent home by migrant workers is a boon to the economy, the facilities are inadequate to back up the increasing trend of migration. Inadequate information on foreign employment, lack of skill training and lack of assurance of safe working environment and rights of the migrant workers have obstructed foreign employment.Formulation and effective implementation of pro poor migration policy is the need of today. The government should play a proactive role to promote foreign employment by inducting and adhering to the policy of economic diplomacy. Replicating the best practice of the region has to be endorsed in our national context for promotion and regularization of foreign employment, to encourage official transfer of remittance and to streamline the asset and skill of the returnees for the economic development of the country.
{"title":"Contribution of Foreign Employment and Remittances to Nepalese Economy","authors":"B. Shrestha","doi":"10.3126/nrber.v20i1.52808","DOIUrl":"https://doi.org/10.3126/nrber.v20i1.52808","url":null,"abstract":"This paper assesses the contribution of foreign employment and remittances to Nepalese economy and also identifies the information needs and gaps. An attempt is also made to assess the role of remittances in poverty reduction. At a time when the country's major economic indicators are not favorable, the remittances have played a vital role in maintaining macro economic stability and keeping the economy afloat. Though remittances sent home by migrant workers is a boon to the economy, the facilities are inadequate to back up the increasing trend of migration. Inadequate information on foreign employment, lack of skill training and lack of assurance of safe working environment and rights of the migrant workers have obstructed foreign employment.Formulation and effective implementation of pro poor migration policy is the need of today. The government should play a proactive role to promote foreign employment by inducting and adhering to the policy of economic diplomacy. Replicating the best practice of the region has to be endorsed in our national context for promotion and regularization of foreign employment, to encourage official transfer of remittance and to streamline the asset and skill of the returnees for the economic development of the country.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116892293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-12-30DOI: 10.3126/nrber.v20i1.52973
Jeetendra Dangol
The study focuses on market reaction to announcements of new unanticipated political events using the event analysis methodology. The findings of the study provide a consistent conclusion regarding the existence of information content hypothesis in the Nepalese stock market. The study reveals that good-news (badnews) political announcements generate positive (negative) abnormal returns in the post-event period. The data present important evidence on the speed of adjustment of stock prices to new political information, i.e., in as many as 2 to 3 days from the announcement date. Thus, this paper finds that the Nepalese stock market is inefficient at a semi-strong level, but there is a strong linkage between political uncertainty and common stock returns.
{"title":"Unanticipated Political Events and Stock Returns: An Event Study","authors":"Jeetendra Dangol","doi":"10.3126/nrber.v20i1.52973","DOIUrl":"https://doi.org/10.3126/nrber.v20i1.52973","url":null,"abstract":"The study focuses on market reaction to announcements of new unanticipated political events using the event analysis methodology. The findings of the study provide a consistent conclusion regarding the existence of information content hypothesis in the Nepalese stock market. The study reveals that good-news (badnews) political announcements generate positive (negative) abnormal returns in the post-event period. The data present important evidence on the speed of adjustment of stock prices to new political information, i.e., in as many as 2 to 3 days from the announcement date. Thus, this paper finds that the Nepalese stock market is inefficient at a semi-strong level, but there is a strong linkage between political uncertainty and common stock returns.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115859951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-12-30DOI: 10.3126/nrber.v20i1.52968
Bhubanesh Pant, Biggyan Raj Subedi
The HIPC Initiative was established in 1996 with the prime goal of reducing eligible countries' debt burdens to the thresholds fixed under the Initiative. There are both costs and benefits associated with participation under the Initiative. For many interim HIPCs, the challenges in meeting their completion point triggers pertain to maintaining macroeconomic stability, preparing participatory Poverty Reduction Strategy Papers (PRSPs) as well as other country-specific triggers. At the completion point, full debt cancellation under the MDRI is granted. Nepal is one of the ten pre-decision point countries potentially eligible for participation under the Enhanced HIPC Initiative. The possible conditions linked to the country's entry to the HIPC Initiative, the level of existing concessionary foreign assistance that could be non-concessionary and the likely possible debt situation after reaching the completion point are some of the issues that need a reexamination.
{"title":"The HIPC Initiative, MDRI and Nepal: A Re-examination","authors":"Bhubanesh Pant, Biggyan Raj Subedi","doi":"10.3126/nrber.v20i1.52968","DOIUrl":"https://doi.org/10.3126/nrber.v20i1.52968","url":null,"abstract":"The HIPC Initiative was established in 1996 with the prime goal of reducing eligible countries' debt burdens to the thresholds fixed under the Initiative. There are both costs and benefits associated with participation under the Initiative. For many interim HIPCs, the challenges in meeting their completion point triggers pertain to maintaining macroeconomic stability, preparing participatory Poverty Reduction Strategy Papers (PRSPs) as well as other country-specific triggers. At the completion point, full debt cancellation under the MDRI is granted. Nepal is one of the ten pre-decision point countries potentially eligible for participation under the Enhanced HIPC Initiative. The possible conditions linked to the country's entry to the HIPC Initiative, the level of existing concessionary foreign assistance that could be non-concessionary and the likely possible debt situation after reaching the completion point are some of the issues that need a reexamination.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134017268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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