Nepal's new government, led by the former Maoist rebel chief, will try to balance ties with its immediate neighbours China and India as it seeks economic growth in one of the world's poorest countries, officials of the ruling coalition told Reuters.
Pushpa Kamal Dahal, who still goes by his nom de guerre Prachanda, unexpectedly became prime minister for a third time on Sunday after leaving his previous coalition and securing the support of the opposition Communist Unified Marxist-Leninist party and five other smaller groups. Last month’s election had returned a hung parliament.Nepal is one of several South Asian countries where India and China both seek influence.
"We must immediately focus on containing inflation, maintain reserves, raise capital expenses, narrow the trade deficit and lower interest rates."Prachanda also named six other ministers and gave the key finance portfolio to Bishnu Prasad Paudel of the UML party. Paudel has been finance minister twice before.
Prime Minister Narendra Modi of India, which is Nepal’s biggest trade and economic partner, was one of the first foreign leaders to congratulate Prachanda on his appointment. Analysts said Nepal's $40 billion economy, emerging from the COVID-19 pandemic, needed the immediate attention of the new government which must regain the trust of investors and businesses as well as boost production.
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