Stopping the Clock: Multilateral Development Banks Need to Give Nepal a Debt Pause
On August 26th, Nepal suffered from a devastating and unanticipated flood from a glacial rock collapse. Thousands of people are still unaccounted for. Nepal’s National Disaster Risk Management Authority Agency estimates the country needs $5 billion for recovery and reconstruction.
The Nepali government has already moved quickly to mobilize resources and immediately drew down $170 million from a pre-arranged loan from the World Bank and wrote to the United Nations (UN) Fund for Responding to Loss and Damage–the fund…