International recognition is no proof of serving global capital

A recent op-ed in this newspaper ‘Are Nepal’s celebrated technocrats serving the country or global capital?’ argued that international honours for two of our finance ministers, The Banker’s 2016 award to Ram Sharan Mahat and Swarnim Wagle’s name on TIME’s 2026 list of climate leaders, are “soft-power stamps of approval”. This narrative claims that these awards go to local stewards who keep developing countries like Nepal tied to Western capital and its policy trends and priorities. In the interest of full disclosure: Wagle previously chaired the Institute for Integrated Development Studies (IIDS), where I am currently a Distinguished Fellow.

Let me say at the outset that the author of that piece is one of the more articulate voices in our public debates and usually has the courage to speak plainly and raise issues of great importance in our society. But in this particular case, my concern is that the narrative of the op-ed is not supported by evidence. On the contrary, the facts are mostly pointing the other way.

Take the awards first.