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Nepal sets up Peace Fund to rebuild the nation

Thursday - 01st February 2007

Kathmandu, Feb 1 Faced with the mammoth task of rehabilitating Maoist guerrillas as well as thousands of people displaced by the decade-old communist insurgency and re-building destroyed infrastructure, Nepal's government has set up a 'Peace Fund' to mobilise donors at home and abroad.

The Peace Fund, established under the aegis of the country's central bank, Nepal Rastra Bank, hopes to raise NRS 50 billion in three years.

'According to our estimates, the peace process would require about NRS 50 billion,' Vidyadhar Mallik, the finance secretary, told the media.

'So far, donor agencies and governments like Britain, Norway and Sweden have assured us of NRS 1.5 billion.'

The cash-strapped multi-party government of Prime Minister Girija Prasad Koirala hopes to raise the remaining sum from individual and organisational donors, both in Nepal and abroad.

The money will be spent on holding elections by June, the ultimate target of the peace process, managing Maoist soldiers who have been barracked in 28 camps and will stay there with their guns till the elections are over, and rehabilitation of tens of thousands of people displaced due to the Maoist uprising.

It will also be used to rebuild the government offices, roads, electricity and communication towers destroyed by the guerrillas during their decade-old 'People's War'.

The government has already given NRS 500 million to the Maoist leadership to maintain their People's Liberation Army soldiers till they are rehabilitated. According to the rebels, they have nearly 35,000 hardcore soldiers who have to be fed, clothed and educated while they live in the cantonments.

Finance Minister Ram Sharan Mahat will head the committee that will manage the Peace Fund. The other members would include four ministers nominated by Koirala, the finance secretary and vice-chairman of the National Planning Commission.


Source Earth Times