KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu.

The Ministry of Finance has formed three separate committees for the organization, management and coordination of the IDA21 which is considered a crucial event to be organized in Nepal by the World Bank Group.    

The 21st IDA replenishment is happening amid multiple crises that disrupted development progress and partially reversed decades of gains, the World Bank wrote on its website.

“It is essential to act quickly to help countries return to the path of eradicating poverty on a livable planet. The proposed overarching theme and focus areas will guide the IDA21 cycle, improving development impact.”

According to the Finance Minister's Personal Secretariat, the organizing committee has been formed under the leadership of Finance Secretary Madhu Kumar Marasini and management and coordination committee under the leadership of the mnistry's Joint Secretary Shreekrishna Nepal.    

Prime Minister Pushpa Kamal Dahal is scheduled to inaugurate the IDA21.     

The IDA21 will have three sessions including the inaugural session, closed session and closing session.    

Finance Minister Barsha Man Pun shall chair the closing session. Likewise, Minister for Education, Science and Technology Sumana Shrestha will attend the IDA21 as a speaker.    

The World Bank’s International Development Association (IDA) has been a committed partner in South Asia for over six decades, catalyzing transformative change to elevate the quality of life for millions, the World Bank stated.    

"In the face of overlapping challenges in the region, the 21st replenishment of IDA (IDA21) is a milestone moment in the journey of South Asia’s development and recovery," it said.    

World Bank Group President Ajay Banga, Senior Managing Director for Development Policy and Partnership of the World Bank Group Axel van Trotsenburg, Independent Co-Chair, IDA21 Replenishment Sheku Sambadeen Sesay and other high-level officials are scheduled to visit Nepal to attend the meeting.    

According to Joint Secretary Nepal, some 60 donors of the World Bank Group and more than 300 representatives from 90 plus partner countries are also attending the IDA21.    

Joint Secretary Nepal said that it was a matter of pleasure for Nepal to organize such a large scale meeting in Nepal.    

The organizing committee has also expressed confidence that the IDA21 will help Nepal gain diplomatic advantages.     (With inputs from RSS)