Nepali Congress Warns Government About BRI Loans

Former Foreign Minister Narayan Prakash Saud Speaks Out

During a parliamentary meeting, lawmakers from the Nepali Congress expressed concerns about the government taking loans under China’s Belt and Road Initiative (BRI). Former foreign minister Narayan Prakash Saud advised the government to accept grants instead of loans, similar to agreements with other countries.

Saud emphasized the importance of having a feasible market and proper financial management before taking on large projects funded by loans. He warned that without these, the country could fall into a financial trap.

Saud also criticized the government for recalling ambassadors amid geopolitical tensions, which he claimed harmed the nation’s image. He urged the government to consult with all parties in parliament before making decisions about BRI.

The Prime Minister had previously assured that any loans taken would have interest rates not exceeding 1 or 1.5 percent, with a focus on obtaining grants. This statement came two days before the opposition’s reaction.

Additionally, lawmaker Rajendra Bajgain demanded that the 2017 BRI agreement between Nepal and China be made public, as it is not currently available in the public domain.