Kathmandu, Nov. 28 -- The Asian Development Bank has approved a $100 million policy-based loan to advance public financial management reforms in Nepal.

The loan will be used for improved public expenditure and debt management at the national level and enhanced resource planning, financial management, and devolved service delivery at the subnational level, the ADB said in a statement.

"The programme will catalyse reforms which will strengthen fiscal sustainability, improve governance, and empower local governments," said ADB Country Director for Nepal Arnaud Cauchois. "By enabling local governments to plan and raise revenues more effectively, it will reduce dependency on central transfers, advance Nepal's federal governance framework, an...