Nepal gets three-year extension to graduate from LDC category

Kathmandu, Oct 31 (PTI) Nepal has received a three-year extension to graduate from the Least Developed Countries (LDCs) category, giving it more time to prepare for the transition, according to a foreign ministry official.

    The United Nations General Assembly (UNGA) on Thursday unanimously approved a three-year extension until November 24, 2029, to Nepal's preparatory period for graduation from the LDC category, Ministry of Foreign Affairs spokesperson Lok Bahadur Chhetri said at a press briefing on Friday.

    Nepal was originally scheduled to graduate from the category on November 24, 2026, following a General Assembly decision in November 2021.

    The UN General Assembly, at its 81st session in New York, unanimously adopted Resolution 81/L.8, following a joint proposal pursued by Nepal and Bangladesh to extend their respective preparatory periods.

    The decision will give Nepal additional time to undertake structural and institutional reforms before graduating from the LDC category, Chhetri said.

    Nepal was due to graduate from the LDC category this year. However, Foreign Minister Shisir Khanal wrote to the concerned UN agency on May 13 and 15, seeking additional time to prepare for the transition.

    The extended period will be utilised to increase production capacity, strengthen institutions and promote socio-economic transformation, Chhetri said.

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