Kathmandu, Mar. 19
The Ministry of Finance (MoF) has begun preliminary work for
the preparation of implementing strategies that Nepal must adopt as it
graduates from the Least Developed Country (LDC) category to a 'Developing
Nation'.
Nepal is graduating to a 'Developing Nation' in November
next year.
During a meeting held at the MoF on Wednesday, Deputy
Prime Minister and Finance Minister, Bishnu Prasad Paudel, emphasised the need
for Nepal to proceed with full preparedness. He instructed officials to engage
actively in the required tasks for the smooth transition after the graduation.
Vice-Chairman of the National Planning Commission (NPC),
Prof. Dr. Shiva Raj Adhikari, underscored the importance of making transitional
strategies relevant and advancing them in coordination with all stakeholders.
According to a statement issued by the MoF, the meeting
also stressed the need to ensure that the policies, plans, and programmes
proposed in the budget for the fiscal year 2025/26 contribute to a smooth and
sustainable transition.
The responsibilities of the MoF include formulating a
financial policy based on sustainable economic growth and job creation,
maintaining a stable monetary policy, ensuring fund availability, and
mobilising development assistance.
Likewise, enhancing trade analysis and improving
financial access and capacity for high-yield projects also fall under its
mandate.
The criteria for Nepal’s graduation include per capita
Gross National Income (GNI), the Human Assets Index (HAI), and indicators
related to economic and environmental vulnerability.
It is projected that the transition will bring various
impacts, such as improved access to development and commercial investment,
growth in new trade and economic partnerships, sustainable development,
enhanced national reputation, and increased credibility on the global stage.
It is also anticipated to influence exports, pricing, and
employment as well.
Published in The Rising Nepal daily on 20 March 2025.
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