Nepal Breaking NewsBusinessTo combat , Nepal received Rs 60.5 billion in foreign assistance, but...

To combat Covid-19, Nepal received Rs 60.5 billion in foreign assistance, but 91 percent of it is a loan

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Nepal received Rs 60.53 billion in foreign aid to combat the Covid-19 pandemic in the previous fiscal year (mid-July 2019 to mid-July 2020), but over 91 percent of it in the form of a loan, according to the .

According to the ministry, 6% of the aid was received in the form of assistance, 2% in the form of a grant, and 1% in the form of a direct payment.

According to a report released by the ministry about the ’s reliance on foreign aid, Nepal received Rs 236.23 billion in foreign aid in the fiscal year, with about 25.5 percent of it earmarked for the Covid-19 response.

94.4 percent of the total assistance received came from the Development Bank, the , the European Union, the World Bank, and the United States of America.

Meanwhile, the estimates a 21.2 percent rise in foreign assistance earned last fiscal year compared to the previous year. International assistance accounted for 23.3 percent of the annual spending in the fiscal year 2019/20.

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