Over 200 thousand citizens voice for new economic approach for federal Nepal

Kathmandu, March 13: More than 200 thousand citizens have voiced for running the country's economy with a new approach with the implementation of federalism. 

This suggestion came up from the consultations and surveys the World Bank's Country Office in Nepal conducted in all the seven provinces of the country.

The World Bank released a report entitled 'Nepal Systematic Country Diagnostic- A new approach for a federal Nepal' here today, in which it has examined the key constraints to and opportunities for accelerating poverty reduction and enhancing shared prosperity in Nepal.

Under the heading 'Why a new approach,' the Systematic Country Diagnostic (SCD) report points out that a new approach was required as opportunities for faster growth and poverty reduction are being missed, as sources of fragility remain because of power imbalances and inequality of opportunities and since welfare gains are vulnerable to natural disasters and other uninsured risks.

The SCD has identified six areas where action is required to allow Nepal to take advantage of the opportunities for growth and poverty reduction, to address sources of fragility, and to reduce vulnerability. These areas include: Encouraging political inclusion and eliminating clientalism; promoting private sector investment to create more and better jobs; harnessing the potential of natural resources; ensuring all Nepalese are equally able to invest in and use human capital; increasing resilience to natural disasters and health shocks; and getting more from migration.

Finance Secretary Shankar Prasad Adhikari released the report.

The report has also identified priority areas where action was needed. The priorities are support for the federal transition and increased inclusiveness in the political process; encouraging investment in infrastructure (roads and electricity); addressing barriers to health and education posed by remoteness, low income, and norms; supporting agricultural growth by improving market access, and year-round irrigation (particularly in the Tarai); increasing action to reduce environmental risk, among others.

The report also identifies improving accountability and strengthening rule of law as priority areas.

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