Kathmandu: The 40th plenary meeting of the 76th Session of the United Nations General Assembly (UNGA) has unanimously adopted a resolution endorsing the graduation of Nepal from the Least Developed Country (LDC) category with the preparatory period of five years.
As a result, Nepal will graduate from the LDC category by December 2026 and until then will continue to receive all concessions and support measures as LDC, Permanent Mission of Nepal to the United Nations said in a statement.
In addition to Nepal, the graduation of Bangladesh and Laos has been endorsed.
The five-year preparatory period is provided for a smooth transition, recognizing the effect of the Covid-19 pandemic and the resulting need to implement policies and strategies to reverse the pandemic’s damage to the economic and social sectors.
The five-year transition period is provided on an exceptional basis mainly in the context of the Covid-19 pandemic, which would normally be for three years.
The resolution has mandated the Committee on Development Policy, a subsidiary body of the Economic and Social Council, to analyze the adequacy of the preparatory period at its 2024 triennial review and recommend further extension if necessary, according to the statement.
The resolution also invites Nepal and the other two graduating countries to prepare smooth national transition strategies, with the support of the United Nations system and in cooperation with their bilateral, regional, and multilateral development and trading partners.
After the adoption of the resolution, Arndt Bahadur Rai, Permanent Representative of Nep al to the UN, reiterated Nepal’s commitment to making all-out efforts for smooth graduation with the enhanced level of support from the development partners including the UN system.
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