The Indian Embassy has refuted the new reports that said India has cut its financial aid to Nepal. Issuing a press release, Indian embassy on Friday termed the news of aid reduction as completely wrong.
“The attention of the Embassy of India has been drawn to a report that India has cut its financial aid to Nepal.
This conclusion, based on the amount allocated to India's Ministry of External Affairs (MEA) in the recently presented Indian budget for April 2007-March '08, is completely wrong,” a press release said.
The embassy has made it clear that the MEA's budget for Nepal represents only one mechanism through which the Indian government resources are allocated for economic cooperation with Nepal while other GoI agencies and mechanisms also significantly contribute to large cooperation programs with Nepal, such as the recent and ongoing supplies by GoI to support peace process in Nepal worth Rs1.28 billion, USD 100 million line of credit, waiver of defence purchase dues worth over Rs 1.6 billion.
There were the news reports that the government of India has cut its financial aid to Nepal in its newly announced budget for 2007-2008. Some Nepali media quoted a news report of India that stated the government of India has allocated USD 31 million for Nepal that is USD 16 million less than last year's USD 47 million.
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