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Started 1 month ago · Updated 1 week ago

World Bank Warns of Mass Emigration from Nepal Due to Job Scarcity

World Bank Country Director David Sislen stated that Nepal faces a significant challenge in job creation, warning that if current trends persist, a population equivalent to Kathmandu's could migrate abroad for foreign employment within four years. He highlighted that employment generation is crucial for Nepal's economic development and that the World Bank prioritizes this issue, advocating for reforms in infrastructure, policy, and finance to foster private sector growth and create jobs.

• David Sislen noted that approximately 1.2 million Nepalis have left the country for foreign employment in the past 21 months.
• Sislen identified uncertainty in Nepal's tax system and issues in mobilizing capital within the banking sector as major problems.
• He criticized Nepali banks for primarily focusing on collateral-based lending, neglecting venture capital and seed funding.
• The World Bank Country Director emphasized the need for reforms in infrastructure, policy, and finance to address job creation challenges.
• Sislen also pointed out that Nepal was only able to spend 59 percent of its capital budget in the previous year.