Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Nepal has taken a significant step toward graduating from a Least Developed Country (LDC) to a Developing Country with the presentation of the “Study Report on Nepal’s Graduation from Least Developed Country to Developing Country – 2024” in the National Assembly today.
The report, prepared by the Sustainable Development Subcommittee under the Development, Economic Affairs, and Good Governance Committee, outlines a roadmap for Nepal’s goal to achieve Developing Country status by November 24, 2026.
The report was presented by Committee Chairperson Kamaladevi Pant, who praised the efforts of the subcommittee, led by National Assembly member Dr. Anjan Shakya, for their thorough consultations with ministries, private sector stakeholders, and development partners. “This report is a robust document that will guide the government in achieving sustainable development and economic progress,” Pant stated.
Dr. Shakya, the subcommittee coordinator, highlighted that Nepal has met two of the three global criteria for graduation—Human Assets Index and Economic and Environmental Vulnerability Index—in UN evaluations conducted in 2015, 2018, and 2021. However, challenges such as the 2015 earthquake, the promulgation of the constitution, and the COVID-19 pandemic delayed earlier graduation attempts. With a five-year transition period granted in 2021, Nepal is now on track to meet its 2026 target.
The report emphasizes the importance of macroeconomic stability, increased per capita income, and enhanced trade infrastructure to ensure sustainable economic growth. It also calls for stronger coordination between the government, private sector, and development partners to address potential economic and environmental risks post-graduation.
Upon graduation, Nepal is expected to see an enhanced global image, increased foreign investment, and stronger partnerships to achieve its long-term development and Sustainable Development Goals. The report underscores the need for legal and policy clarity, resource availability, and sustained efforts to maintain economic and social progress.
As Nepal prepares for this historic milestone, the report serves as a critical guide for policymakers and stakeholders to ensure a smooth and sustainable transition to Developing Country status.
Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
