Kathmandu, March 16 -- The Executive Board of the International Monetary Fund (IMF) has completed the fifth review under Nepal's four-year Extended Credit Facility (ECF), approving the withdrawal of approximately $41.8 million. This brings the total disbursements under the ECF for budget support to $289.1 million.

The IMF initially approved the ECF arrangement for Nepal on January 12, 2022.

The organisation noted Nepal's tangible progress in implementing reforms, contributing to early signs of economic recovery while maintaining macroeconomic and financial stability and safeguarding vulnerable groups.

Despite these improvements, the economy continues to face challenges due to subdued domestic demand. Economic activity is expected to ri...