KATHMANDU, April 26: Vice-president (operations) of the Asian Development Bank (ADB) Zhao Xiaoyu has lauded Nepal´s recent progress in the peace and constitution drafting process, saying that it has finally enabled the country to put reforms back on track and focus on economic development.
Zhao, who was on his two-day visit to Nepal, also noted that raising the living standard of the country´s very diverse population was critical to establishing lasting peace and stability. “And ADB stands ready to support the government in this regard," he stated.
Zhao met Prime Minister Baburam Bhattarai, Finance Minister Barshaman Pun and other senior government officials during the visit. During his interactions, Zhao praised Nepal´s efforts that enabled the country to attain steady and fast progress in reducing poverty in the recent years. He also expressed ADB´s commitment to work closely with the government and other stakeholders in helping to further reduce poverty and promote inclusive growth.
While expressing ADB´s readiness to respond to Nepal´s critical development needs, Zhao also suggested the government to establish enabling policy environment, building capacities and exploring innovative approaches through public private partnership.
“This is much needed to stimulate private sector investments and create much needed employment opportunities,” a statement of ADB quoted him as saying.
Zhao further stated that Nepal should expedite implementation of ongoing projects by strengthening institutional capacities in order to demonstrate effective aid utilization and draw increased assistance from development partners including ADB.
He also introduced ADB´s new Director General for South Asia Juan Miranda, who assumed office in April 2012, to the government.