Nepal Finance Minister to visit India, seek support for post-flood reconstruction
Nepal’s Finance Minister Swarnim Wagle is set to visit India from Thursday to Saturday for high-level talks as Kathmandu seeks substantial Indian support for post-disaster reconstruction following the devastating floods of August 26.
Nepal’s Finance Secretary Ghanashyam Upadhyay said minister Wagle is embarking on a three-day visit to the southern neighbour at the invitation of his Indian counterpart, Nirmala Sitharaman. One of the key agendas of the talks will be securing Indian support for reconstruction following the disaster.
During the meeting with Sitharaman, Nepal’s Finance Minister will seek India’s support for reconstruction of infrastructure and assets damaged by the floods on August 26, a note made available by Nepal’s Finance Ministry states.
The deadly floods along the Bhotekoshi and Trishuli river corridors devastated large areas, killing 1,399 people, while 5,179 people, including foreigners, remained out of contact as of late Tuesday evening, according to the National Disaster Risk Reduction and Management Authority.
According to the Rapid Disaster Needs Assessment (RDNA) report prepared by a joint technical team of the National Planning Commission and the National Disaster Risk Reduction and Management Authority, the recent floods are estimated to have caused physical damage worth NPR 274.48 billion, while overall losses and damages have reached NPR 408.28 billion.
The preliminary assessment suggests that more than NPR 723 billion will be required for the reconstruction and recovery of affected infrastructure and assets.
When a devastating earthquake struck the Himalayan country in 2015, India was the largest donor, pledging as much as $1 billion for reconstruction, although a significant portion of the assistance was later directed toward other infrastructure projects.
Besides meeting Indian Finance Minister Sitharaman, Wagle is also scheduled to meet External Affairs Minister S Jaishankar and is likely to call on Commerce and Industry Minister Piyush Goyal, Nepal's Finance Ministry said.
Wagle is also scheduled to participate in an interaction with Indian diplomatic experts and foreign affairs specialists at a roundtable hosted by former Indian Foreign Secretary and former Ambassador to Nepal, Shyam Saran.
During his visit, the Nepali Finance Minister is also scheduled to address a programme organised by the Confederation of Indian Industry (CII).
He will make a presentation to Indian business leaders on Nepal’s investment promotion policies and the new government’s economic priorities.
Wagle is further scheduled to address a development policy-related programme organised by the Department of Economics at the Delhi School of Economics.
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