Nepal's second wave of Covid infections is tapering off — but the country needs more vaccines to handle the pandemic, Prime Minister Khadga Prasad Sharma Oli told CNBC.

"The wave is under control and it is going down," he told "Street Signs Asia" on Monday. He said there's been a 75% decrease in cases.

Nepal reported 2,049 infections on Monday, down from a record of more than 9,000 new cases a day in mid-May.

"It was like a crisis, a very serious crisis … when the wave started," Oli said, noting that infections and deaths spiked, and Nepal faced a shortage of hospital beds, medical equipment and facilities. He described the surge as "highly infectious and more lethal."

Nepali billionaire Binod Chaudhary told CNBC in May that the country underestimated the intensity of the second coronavirus wave.

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