Stakeholders have deliberated on the draft of the Least Developed Country (LDC) Strategy for upgrading Nepal from the LDC to medium-income developing country within 2026.
The Committee for Development Policy of the United Nations had recommended upgrading Nepal from the LDC to medium-income developing country by giving five years of preparatory time. Accordingly, Nepal is preparing for it.
In Sunday's meeting of the Directors Committee, Vice-Chairperson of the National Planning Commission Dr Min Bahadur Shrestha said that strategies were being made to optimize the benefits to be received upon upgradation into developing countries as well as to face challenges head-on upon the new status.
The Committee has a Finance Secretary, Foreign Affairs Secretary, Education Secretary, Industry, Commerce and Supplies Secretary and representatives from the private sector.
The strategies would be prepared after an in-depth study and analysis of the financial state of the country, its potentials and positive and negative effects it may have in various sectors following the upgrading, according to Vice-Chairperson Shrestha.
Nepal is in the last leg of preparation to get graduated from LDC status to the developing one. Both the private sector and policy makers are concerned about the reduction or exemption of the facilities Nepal availing at the moment as the LDC. Concerns are rife about the potential negative impact following the cuts in privileges and facilities as well as its management.
Even the international, bilateral and multilateral donor agencies are watching keenly how Nepal would prepare a framework for transitional period and approach upgradation.
Nepal is presently chairing the Global Coordination Bureau of the LDCs after five years of stewardship by Malawi.
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