Nepalese economist cautions Kathmandu against accepting loans from China

Chinese Foreign Minister Wang Yi will arrive in Kathmandu at 3 pm (local time), according to the officials from the Nepal Ministry of Foreign Affairs Officials.

Wangi Yi will look to ink key agreements on 'Belt and Road Initiative (BRI)' with Nepal on his three-day visit to the country starting today.

Officials familiar with the preparations said as many as 10 agreements related to technical and economic assistance to Nepal are likely to be signed during Wang's visit, as per Kathmandu Post. Bishwambhar Pyakuryal, a Nepalese economist, told Khabarhub that "in terms of economy, Nepal has not reached the level of Sri Lanka".

In order to be financially secure, we should think twice before asking for loans to launch a development project, he added.

Pyakuryal, who has also served as Nepali Ambassador to Sri Lanka, said several countries have taken China's support to undertake other large-scale projects.

He further brought up the example of Sri Lanka's seaport, saying China seems to be stingy in extending time and reducing interest rates on loans. Pyakuryal said that Nepal has not been able to export its goods to China.

He added that export growth with China has been negative in the last seven to eight months. Talking about what Nepal should focus on, Pyakuryal said that the Himalayan nation should seek as much foreign aid as possible, Khabarhub reported.

We should be able to bring in foreign aid by signing agreements with the countries where Nepal's priority and foreign aid are available, he said. Pyakuryal also talked about exports halted due to the indefinite closure of the border by China,

Khabarhub reported. He said that the issue of opening the border points should be dealt with politically. China also has some conditions while conditions should be in the interest of our country, said Pyakuryal. China has to understand clearly what Nepal wants, he added.