Finance Minister Dr. Swarnim Wagle, also the Rastriya Swatantra Party Vice-Chairperson, departed for Washington D.C. on Friday, October 2, 2026, for a two-day visit. He aims to secure additional aid for reconstruction following the recent Bhotekoshi River flood and promote investment in Nepal.
Wagle, leading a Nepali delegation, is scheduled to meet with high-ranking officials from the World Bank Group, an international organization providing financing, advice, and research for economic development in developing nations; the U.S. Department of the Treasury, the federal agency responsible for managing federal finances, collecting taxes and duties, enforcing finance and tax laws, and safeguarding the nation’s financial system; and the International Development Finance Corporation (DFC), a U.S. government agency that provides financing for private development projects in developing countries. These meetings are set for October 5 and 6, 2026. He will also engage with leading private sector investors.
Discussions will focus on mobilizing further assistance for the reconstruction and resilient development of physical and economic infrastructure damaged by the Bhotekoshi flood. Other key agenda items include increasing bilateral aid, Nepal’s efforts to exit the Financial Action Task Force (FATF) grey list, and broader macroeconomic reforms.
The delegation will also seek to enhance investment from development partners and the private sector to create jobs and economic opportunities through critical infrastructure projects, including roads and electricity transmission lines.
Addressing flood devastation
The Bhotekoshi River flood on August 26, 2026, caused extensive damage, fully destroying 7,570 homes and affecting over 32,933 people. Forty-eight government structures (35 fully and 13 partially), 18 schools (11 fully and 7 partially), and seven health facilities (four fully and three partially) were also damaged.
In response, the National Assembly, the upper house of parliament, formed a nine-member special committee on October 1, 2026, to study the Bhotekoshi flood. The House of Representatives also established a 15-member special committee on October 1, 2026.
Promoting foreign investment
Prime Minister Balen Shah previously stated Nepal always welcomes U.S. investment during a meeting with U.S. Chargé d’Affaires Megan Boldin on September 16, 2026. Foreign Minister Shishir Khanal also urged Nepalis residing in the United States to invest in Nepal’s economic development and industrialization on September 27, 2026.
This visit follows Dr. Wagle’s three-day trip to India, which concluded on September 19, 2026. He also served as acting Prime Minister when Prime Minister Balen Shah departed for the 81st United Nations General Assembly on September 22, 2026.
Nepal’s economic vision
Finance Minister Wagle has outlined the government’s ambitious goal to achieve an average real economic growth rate of 7 percent in the coming decade and expand Nepal’s economy to $100 billion within a few years. He emphasized that the digital economy, international trade in services, and technology-based new economic sectors would be key drivers of this growth.
While the visit is termed “two-day,” the scheduled meetings with World Bank and U.S. officials are set for October 5 and 6, 2026, creating some ambiguity regarding the actual duration. Specific figures for additional aid or investment for Bhotekoshi reconstruction and other infrastructure projects have not yet been disclosed. Further details on Nepal’s progress in exiting the FATF grey list are also awaited.
