尼泊尔：请求延长信贷安排延期新闻稿；员工报告

NEPAL REQUEST FOR AN EXTENSION OF THE EXTENDEDCREDIT FACILITY ARRANGEMENT—PRESS RELEASE December2025 In the context of theRequest foran Extension of the Extended Credit Facility •APress Release. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration ona lapse of time basis,following discussions with the officials ofNepalon economic developments and policies. Based on information available at the time of TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports and Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary Fund IMF Executive Board Approves Extension of the Extended FOR IMMEDIATE RELEASE Washington, DC – December 8, 2025: On December 1, 2025, the Executive Board of theInternational Monetary Fund (IMF) approved the Nepali authorities’ request for a four-monthextension of the Extended Credit Facility (ECF) arrangement until May 11, 2026, to allow The 38-month ECF arrangement was approved by the Executive Board on January 12, 2022,with access of SDR 282.42 million (180 percent of quota) (seePress Release No. 22/6). Anextension of the ECF arrangement to January 11, 2026 with rephasing of disbursements was The Executive Board’s decision was taken on a lapse-of-time basis NEPAL REQUEST FOR AN EXTENSION OF THE EXTENDED CREDIT November 19, 2025 Approved By:Rupa Duttagupta (APD)and Koshy Mathai (SPR) Prepared by the Asia and Pacific Department (APD) inconsultation with the Strategy, Policy and Review (SPR) and 1.The authorities of Nepal are requesting an extension of the ExtendedCredit Facility (ECF) arrangement to May 11, 2026. The ECF arrangement is currentlydue to expire on January 11, 2026. It was approved by the Executive Board onJanuary 12, 2022 for the equivalent of SDR 282.42 million (180 percent of quota) for 38 2.The extension will allow sufficient time to conclude staff-level discussionswith the authorities and prepare the program documents for circulation to theExecutive Board to complete the seventhand last review.The sixthreview wascompleted on October 1, 2025. The last test date for the program was end-July 2025, 3.Preliminary data suggest that the program’s quantitative performancecriteria for end-July 2025 have been met. The authorities appear on track to observeall the end-July performance criteria, including the primary balance and accumulation ofreserves, as well as most of the indicative targets (ITs), including the one on tax revenue. 4.Staff support the authorities’ request for the extension of the ECFarrangement to May 11, 2026.The attached decision is proposed for adoption by the Letter Requesting the Extension of the ECF Arrangement Kathmandu, NepalNovember 18, 2025 Ms. Kristalina GeorgievaManaging Director Dear Ms. Georgieva, 1.On behalf of the Government of Nepal, I would like to request an extension of the ExtendedCredit Facility (ECF) Arrangement until May 11, 2026. The ECF arrangement was approved by the 2.The program extension would provide additional time for the conclusion of the seventh andfinal review under the current ECF arrangement. The extension is to complete critical structuralbenchmarks which were delayed in part due to the social unrest and the fall of the coalition 3.The government remains committed to conducting stable macroeconomic policies and the