Activists and organizations have issued a joint statement on the 2023 annual meeting of the IMF and World Bank.
They also gathered and held placards in front of the World Bank office to express their solidarity.
They raise fundamental objections to the ongoing Grid Infrastructure Development (GRID) project, expressing deep reservations about its impact both within Nepal and on a global scale.
They argue that the current global financial system, led by organizations like the IMF and World Bank, worsens debt, climate, and economic crises, unfairly impacting those least responsible.
The GRID project, a collaboration between Nepal and the World Bank, began in August 2022 with a $100 million finance agreement.
Nepal faces a substantial loan burden, averaging around 75,000 Rupees per person, posing a threat to fiscal stability. Advocates urge the World Bank to shift from loans to grants in climate finance for Nepal, emphasizing equity and climate justice.