NPC discusses LDC graduation strategy draft with stakeholders

Kathmandu, July 3

The National Planning Commission (NPC) has discussed the draft of the LDC Graduation Strategy with the stakeholders including the private sector organisations.

Nepal is graduating from the Least Development Country (LDC) status to a developing one in September 2026. The United Nations Committee for Development Policy had decided to upgrade the country to the developing status along with Bangladesh and Laos in 2021.

Although the country was scheduled to graduate in 2018, the 2015 earthquake and COVID-19 pandemic pushed it to 2021.

A meeting chaired by the Vice-Chairman of the NPC, Dr. Min Bahadur Shrestha discussed the draft strategy and ways to utilising the preparation period to devise ways to cope with the challenges the country is likely to face after it graduates from the LDC.

The country would lose 'favoured' status in the Americas and Europe thus the exports would be affected. The Ministry of Industry, Commerce and Supplies is working to streamline the policies as per the ones with the developed countries so that the exports from Nepal would not experience a jerk.

According to Dr. Shrestha, the strategy was formulated to maximise the benefits of upgrading to the developing status and effectively face the challenges that will come after its lifting. He said that the strategy formulation has reached its final stage.

"The strategy will be prepared after a thorough study and analysis of the state of the country's economy, its potential and the positive or negative effects that may occur in various sectors after upgrading," he said.

The national steering committee led by the VC of the NPC is comprised of secretaries from the finance ministry, foreign ministry, education ministry, industry and commerce ministry, representatives from the private sector and related organisations.

Published in The Rising Nepal daily on 4 July 2023.