Foreign Minister Khanal calls for reform of international financial structure

Foreign Minister Shishir Khanal has called for timely reform of the international financial structure in a way that increases the voice and representation of developing countries in global economic governance.

Prime Minister Balen Shah returned home on Saturday after attending the 81st session of the United Nations General Assembly. Foreign Minister Khanal, however, remains in the United States. The General Assembly's week-long high-level diplomatic program concluded on Friday.

During the General Assembly, Prime Minister Shah had demanded more time for Nepal before its graduation from the list of least developed countries. He had also proposed creating a "Himalayan mechanism."

Addressing the General Assembly, Prime Minister Shah said Nepal needed adequate grant-based support from the world. He also said the Loss and Damage Fund, the Global Environment Facility and other financial mechanisms remained inadequate.