June 13, 2024, Thursday
Nepal 1:37:26 pm

Cabinet accepts USD 659 grant from US Govt.

The Nepal Weekly
April 19, 2022

Nepal government has accepted USD 659 million in grant assistance from the United States Agency for International Development (USAID).

Government spokesperson Gyanendra Bahadur Karki informed this while announcing the decision of the cabinet meeting held on April 13. He said that the decision was taken to accept 659 million dollars in grants from the United States Agency for International Development (USAID), during the cabinet meeting. THis is the second grant assistance pledged by the US Government after the endorsement of the $ 500 million MCC grant assistance and probably the largest single amount donated by the USA. The cabinet meeting also decided to accept a concessional loan of USD 150 million from the World Bank Group’s International Development Association.

Nepal government is currently suffering from foreign currency crunch which is posing a threat to the national economy. The US grant assistance is expected to ease the cash crunch currently facing Nepal government.