First Business News Portal in English from Nepal
KATHMANDU, July 3: In a significant development, stakeholders have gathered to discuss the draft of Nepal’s Least Developed Country (LDC) Strategy, aimed at elevating the country to a medium-income developing status by 2026.
The United Nations’ Committee for Development Policy had recommended granting Nepal five years of preparatory time to transition from an LDC to a medium-income developing country, and the country is now actively working towards this goal.
During a recent meeting of the Directors Committee, Dr. Min Bahadur Shrestha, the Vice-Chairperson of the National Planning Commission, highlighted the importance of formulating strategies to maximize the benefits of transitioning to a developing country status while also preparing to tackle the challenges that come with the new status.
The Committee comprises key representatives, including the Finance Secretary, Foreign Affairs Secretary, Education Secretary, Industry, Commerce, and Supplies Secretary, as well as representatives from the private sector.
The strategies will be meticulously developed through in-depth studies and analyses of the country’s financial condition, potential areas of growth, and the positive and negative effects that may arise in various sectors after the transition, as explained by Vice-Chairperson Shrestha.
Nepal is in the final stages of preparations to graduate from its LDC status to that of a developing country. This transition has raised concerns among policymakers and the private sector regarding potential reductions or exemptions in the current facilities that Nepal enjoys as an LDC. Managing the potential negative impacts while adapting to the new status is a key focus.
Moreover, international, bilateral, and multilateral donor agencies are keenly observing Nepal’s efforts in establishing a framework for the transitional period and approaching the upgradation in a strategic and well-planned manner.
It is worth noting that Nepal has taken on the chairmanship of the Global Coordination Bureau of the LDCs after a five-year tenure held by Malawi. This new responsibility further emphasizes Nepal’s commitment to the process and its leadership role among the LDC nations.
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