Nepali Times Asian Paints
From The Nepali Press
Debt trap



The Maoist's foreign policy, especially pertaining to foreign aid and borrowings, is a subject of much conjecture. It's not only because of the revolution or their Maoist ideology that has raised questions about their stance on foreign aid. Instead, it's about how our social and economic policy should be formulated in a 'new' restructured Nepal. The plans of the Maoist leaders and the Chief of the Foreign Department to phase out support from IMF and the World Bank is causing added interest.

The reality is that our foreign debt overhang takes up a large part of our budget, and it's time we took some solid steps and independent decisions to plan out our economic strategy and areas of investment. The debt we have accumulated over the years are intimidating, and Nepal will require foreign budgetary support and loans to develop infrastructure. At the same time, we should make our own conditions for taking support from donor countries clear.The power to decide what's best for Nepal should not lie in the hands of any third party, it should be our decision. And there is an urgent need to first create national consensus within the country.



LATEST ISSUE
638
(11 JAN 2013 - 17 JAN 2013)


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