A crucial meeting of the World Bank (WB) board of executive directors in Washington DC last week upgraded Nepal into a "base case" from the former "low case" status in the bank's lending categories. This means Nepal can now receive loan assistance worth $100 million or more annually, depending on the sustained progress that Nepal makes in accelerating reforms. Prior to the graduation, Nepal was eligible for an annual loan assistance of only up to $50 million. The future resource availability from the bank will depend upon the acceleration of reform processes in the country. "The latest decision is important for Nepal as it sends a positive signal among the donor community over Nepal's commitment on reforms," said Shankar Sharma, vice-chairman at the National Planning Commission. The upgrade was based on a progress report from the World Bank's Country Assistance Strategy (CAS).