Kathmandu, July 30: Prime Minister KP Sharma Oli has said Nepal’s preparations for its graduation from the category of the least developed country (LDC) to a middle-income country indicate its headway towards self-sufficiency. Nepal’s LDC graduation promotes the country’s images globally, according to the PM.
In his replies to the concerns raised during the discussions on the study report in regard to Nepal’s LDC gradation, 2081 BS in the Upper House today, the Prime Minister said Nepal’s graduation will contribute to strengthening Nepal’s country rating index, creating an atmosphere for attracting foreign investment.
It may be noted that Nepal was listed as the LDC by the United Nations (UN) General Assembly on November 18, 1971.
At present, Nepal chairs the LDC group comprising 45 countries. It has been preparing for its graduation from the LDC category to a middle-income country after 55 years.
Nepal is scheduled to graduate in November, 2026.
PM Oli said, following the graduation, Nepal is expected to get more opportunities for strengthening its economic diplomacy through visit diplomacy, the Sagarmatha Sambaad and investment conferences.
“Indicators of economic improvements have been now noticed. The current 16th Periodic Plan was prepared with the projection of the post-graduation situation,” the Prime Minister said.
PM Oli informed, “Upgrading Nepal as the developing country may result in reduction of some facilities in various sectors it has been receiving as the LDC.”
Oli, however, cautioned that the impact of climate change and natural disasters could hinder Nepal’s progress and graduation from the LDC status.
In consideration of such prospects, he said that Nepal had been making diplomatic efforts internationally through relevant bodies. He called for collaborative efforts for the development and emphasized the need to increase production and productivity.
“Let’s make collaborative for developmental endeavors,” urged the septuagenarian leader.
It may be noted that Nepal had been working towards upgradation since 2010 through various plans, budget and annual plans and programmes.
The UN reports in 2015, 2018 and 2021 showed Nepal’s progress in Human Assets Index and Economic and Environment Risk Index.
Nepal is getting a chance to upgrade itself to the developing country by 2026 mainly due to recently achieved notable growth in per capita income.
For a smooth passage to developing country status, the government has been implementing six key strategies through a high-level steering committee led by the PM to ensure Nepal’s graduation to the developing country.
PM Oli, during his address, mentioned that Nepal had taken forward necessary process to repeal, revise and formulate some laws for sustainable upgradation.
PM Oli shared that efforts are being made to make Nepal a land-linked country from the landlocked one through enhanced infrastructures and connectivity network.
Sharing that efforts are made to develop value chains through the multinational companies, the PM informed the NA that the government has prepared necessary strategies against the potential impacts on the private and business sectors after the LDC graduation. The strategies include the reforms measures to be taken in labour and employment, he said.
The PM claimed that Nepal meets all criteria for the LDC graduation adding that our economy was on the positive growth even the global economy witnessed a negative growth.
Oli shared that attempts have been made to further strengthen Nepal’s foreign relations through effective diplomacy and effectiveness was ensured in the implementation of the international treaties and agreements.
Likewise, the PM said the government was focused on amending Procurement Act and different policies and laws related to the construction field.
Similarly, the PM urged the lawmakers not to generate narratives on rampant corruption based on the government actions against the corrupt figures.
The PM also informed the NA about his visit to Turkmenistan on August 3 to take part in the Third UN Conference on Landlocked Developing Countries.
