Nepal set to graduate from LDC to in 2026 as per schedule says PM Oli

Kathmandu, Jul 30 (PTI) Prime Minister KP Sharma Oli on Wednesday said Nepal's preparations for its graduation from the category of the least developed country (LDC) to a developing country can be attributed mainly due to recently achieved notable growth in per capita income.
     Nepal is scheduled to graduate from the LDC status in November 2026.
     Nepal's LDC graduation would certainly boost the country's image globally, Oli said, but also cautioned that the impact of climate change and natural disasters could hinder Nepal's progress, and thus hamper upgradation.
     “Our current per capita income is around USD 1,400, which meets the threshold. Based on this and other indicators, the international community has included Nepal in the list of countries set for graduation,” Oli told the Upper House.
     In his replies to the concerns raised during the discussions on a study report 'Nepal's LDC Graduation 2024' by the government, the Prime Minister said Nepal's graduation will contribute to strengthening Nepal's country rating index, creating an atmosphere to attract foreign investment.
     Nepal was listed as an LDC by the United Nations General Assembly in November 1971 and is now preparing to graduate to a middle-income developing country category after 55 years.
     Nepal currently chairs the LDC group consisting of 45 countries.
     “Indicators of economic improvements have now been noticed. The current 16th Periodic Plan was prepared with the projection of the post-graduation situation,” the Prime Minister said.
     Oli, however, admitted that “upgrading Nepal as a developing country may result in reduction of some facilities in various sectors it has been receiving as a least developed country.”
     He also cautioned that the impact of climate change and natural disasters could hinder Nepal's progress and graduation from the LDC status and underlined the need to increase production and productivity.
     Nepal has been working towards upgradation since 2010 through various plans, budget and annual plans and programmes. The UN reports in 2015, 2018 and 2021 showed Nepal's progress in Human Assets Index and Economic and Environment Risk Index.
     For a smooth passage to developing country status, the government has been implementing six key strategies through a high-level steering committee, Oli added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)