Nepal’s PM outlines strategic vision ahead of LDC graduation in 2026

KATHMANDU: Prime Minister Pushpa Kamal Dahal announced a comprehensive set of strategies aimed at ensuring Nepal’s smooth transition from the Least Developed Countries (LDC) status in 2026. Speaking at the IDA21 Third Replenishment Meeting on Tuesday, Dahal emphasized the government’s commitment to leveraging the evolving financing landscape to foster sustainable growth and development.

Prime Minister Dahal highlighted key areas of focus for the government, including the attraction of private capital and foreign direct investment (FDI), the creation of employment opportunities, the acceleration of economic activities, and the enhancement of domestic revenue mobilization. These measures are intended to address the challenges Nepal may face following its graduation from LDC status.

In his address, Dahal stressed the importance of prioritizing investments in human capital, particularly in health and education, as well as developing quality and resilient infrastructure. “Emphasizing digitalization, investment in productive sectors, fostering entrepreneurship, and enhancing skill development are essential to creating jobs, promoting inclusivity, and accelerating growth,” the prime minister said.

He also underscored the need for Nepal to take significant responsibility towards climate action, supporting small states, and ensuring water and food security. Nepal’s journey has been marred by significant challenges, including devastating earthquakes, disasters, the global pandemic, and economic headwinds, all of which have severely impacted the nation’s progress towards economic prosperity.

To ensure sustainable and resilient growth, Dahal announced the adoption of Nepal’s homegrown Green Resilient Inclusive Development (GRID) approach. This strategy prioritizes ten key transition sectors and actions to be achieved over the next decade.

Dahal called for international concessions for LDC countries like Nepal, advocating for climate justice to compensate for the losses and damages incurred due to factors beyond the country’s control. “Nepal, despite contributing negligibly to global emissions, is disproportionately affected by the adverse effects of climate change,” he stated.

The Prime Minister concluded by emphasizing the importance of fostering international collaboration and providing equitable access to resources, technology, and investment. Strengthening international partnerships, enhancing capacity-building, and supporting sustainable development initiatives are among the government’s top priorities. Dahal asserted that such efforts would not only uplift LDCs but also contribute to global stability and economic resilience.

As Nepal prepares for its graduation from LDC status, these strategic initiatives outlined by Prime Minister Dahal aim to navigate the nation through potential challenges while paving the way for a prosperous and resilient future.

Fiscal Nepal |
Wednesday June 19, 2024, 10:54:50 AM |

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