First Business News Portal in English from Nepal
Flags outside the GA Hall during the General Assembly 75th session: General Debate
KATHMANDU: The meeting of the 76th Session of the United Nations General Assembly (UNGA) has unanimously endorsed the graduation of Nepal from the Least Developed Country (LDC) status. However, the UNGA has set Nepal the preparatory period of five years.
This means that Nepal will fully graduate from the LDC category by December 2026. This also means that Nepal will continue to receive internal supports as LDC, as per Permanent Mission of Nepal to the United Nations.
Along with Nepal, UNGA also endorsed the graduation of Bangladesh and Laos.
The United Nations Committee for Development Policy (CDP), in January 26, had recommended for Nepal’s graduation from the Least Developed Country (LDC) category with preparatory period of five years. This means that the graduation of Nepal would be effective in 2026.
The CDP, in its triennial review held from 22 to 26 February 2021, made this recommendation as Nepal had met the criteria for graduation for three consecutive reviews. Out of three indices which the CDP considers while deciding on the question of graduation – GNI per capita, Human Assets Index (HAI), and Economic and Environmental Vulnerability Index (EVI), Nepal met the thresholds for the latter two, thus being eligible for graduation.
Due to the extraordinary challenges posed by the COVID-19 pandemic and based on the request of the Government of Nepal, the normal preparatory period of three years has been extended to five.
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