PM calls for support to LLDCs in addressing debt vulnerabilities

Kathmandu, Sept. 29

Prime Minister KP Sharma Oli has called for financial and technological assistance and concrete support measures to help the Land Locked Developing Countries (LLDCs) recover better from the pandemic and address their debt vulnerabilities.

He made the call while addressing the ‘High-level Meeting on Financing the 2030 Agenda for Sustainable Development in the Era of COVID-19 and Beyond’ on behalf of 32 LLDCs on Tuesday morning.

“The LLDCs are struggling in responding effectively to the current crisis because of the decline in trade and tourism earnings, reduced Foreign Direct Investment, and servicing of external debts amid plunging foreign exchange inflows,” he said.

According to a statement issued by the Permanent Mission of Nepal to the United Nations in New York, he emphasized the need of global coordination and cooperation mechanism for joint trade and investment promotion for crisis-relief, recognizing the special needs of the LLDCs.

PM Oli stressed the importance of their capacity development to promote LLDCs’ trade and structural economic transformation. Among the LLDCs, the financial gap to implement the SDGs in the land-locked least developed countries is more acute, therefore, they need predictable external support measures in the form of aid, investment, and technology transfer, he stated. 

He also urged the UN system, the international community, and international financial institutions to support development of strong and resilient health systems in the LLDCs and to prioritize their special needs in the recovery and rebuilding process.

The Meeting was jointly convened by the UN Secretary-General António Guterres and Prime Ministers of Canada and Jamaica on the margins of the 75th session of the UN General Assembly.

It featured a total of 60 speakers including 41 Heads of State/Government and six Ministers.

Published in The Rising Nepal daily on 30 September 2020.