Kathmandu: The government has decided to take a concessional loan of US$100 million (approximately Rs 14.25 billion) from the Asian Development Bank (ADB) to support the Public Financial Management Reform and Service Delivery Transfer Program.
A Cabinet meeting held on Thursday approved the borrowing as part of efforts to strengthen the government’s budgetary system through external financing from a key development partner.
To facilitate the process, the government will form a negotiation team led by a joint secretary from the Ministry of Finance, officials said.