KATHMANDU: Experts and lawmakers have stressed the need for transparency in the negotiations surrounding Belt and Road Initiative (BRI) projects, particularly as Nepal moves forward with finalizing the BRI implementation plan agreement with China. During an international seminar titled “Reflecting on BRI: Experiences and Lessons from South Asia” organized by the Centre for Social Innovation and Foreign Policy (CESIF), participants called for broader parliamentary discussions on the BRI and urged the government to publicize the BRI Memorandum of Understanding (MoU) signed with China in 2017 for public scrutiny.

Concerns have arisen among segments of Nepal's population regarding the logic and significance of the BRI Implementation Plan Agreement, with some advocating for negotiations on a project-by-project basis. Deputy Prime Minister and Foreign Minister Narayan Kaji Shrestha's recent visit to China resulted in an agreement between Nepal and China to conclude the BRI Implementation Plan and expedite the implementation of BRI projects in Nepal. Raj Kishor Yadav, chairman of the International Relations and Tourism Committee of the federal parliament, emphasized the necessity for broader parliamentary engagement on the BRI and cautioned against opting for commercial loans.

Former Finance Minister Dr. Prakash Sharan Mahat reiterated the importance of Nepal adopting a consistent approach to financial support from all sources, emphasizing alignment with the country’s national interest. He advocated for negotiations with China focusing on grants and concessional loans with interest rates comparable to those offered by other multilateral financial institutions. Anil Giri, a senior journalist, highlighted a pervasive lack of comprehension about BRI among policymakers, politicians, and the public in Nepal, emphasizing the need for clarity amidst ambiguous conditions in the MoU.

Presentations from experts from Sri Lanka, Bangladesh, and India shed light on challenges encountered in their respective experiences with BRI projects, including concerns over transparency, viability assessment, and environmental impact. Talal Rafi, an economist from Sri Lanka, noted challenges such as a lack of transparency and ad-hoc planning in BRI projects, while Mostakim Bin Motaher from Bangladesh highlighted issues like cost escalation and non-transparent bidding procedures. Dr. Constantino Xavier outlined India’s decision to abstain from the BRI, citing concerns about its unilateral nature and its implications for India's strategic and economic interests. The seminar aimed to explore opportunities and challenges presented by BRI in Nepal and foster discussions on strategic negotiation and project implications.