Kathmandu-The Executive Board of the International Monetary Fund (IMF) has decided to extend Nepal’s Extended Credit Facility (ECF) program by an additional two months.
According to a statement issued by the IMF, the program will now remain in effect until July 11, 2026. The IMF said the extension was granted to provide sufficient time to complete the seventh and final review under the ECF arrangement.
Nepal’s 38-month ECF program was originally approved on January 12, 2022. Under the program, Nepal gained access to 282.42 million US dollars, equivalent to 180 percent of its Special Drawing Rights (SDR) quota.
The IMF stated that the two-month extension aims to ensure adequate time for the completion of the seventh and final review of the ECF program.
Through the ECF arrangement with the IMF, Nepal has committed to maintaining financial stability, strengthening foreign exchange reserves, improving public financial management, and advancing economic reform programs.
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