Nepal’s petition to be elevated from the LDC category has been approved by the United Nations.

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The General Assembly of the United Nations has a proposal to move Nepal from the status of undeveloped country to that of middle-developing country by the year 2026.

 

 

Nepal’s graduation from the Least Developed Country (LDC) category with a five-year preparatory period was unanimously approved by the United Nations General Assembly (UNGA) at its 40th plenary meeting on Wednesday, according to a statement issued by the Permanent of Nepal to the United Nations in New York. The resolution was unanimously by the UNGA at its 76th session.

Nepal would graduate from the LDC by December 2026, according to the statement. “Until then, Nepal will continue to receive all concessions and assistance measures as LDC,” the statement continued.

In addition to Nepal, the General Assembly has approved the expulsion of Bangladesh and the Lao People’s Democratic Republic from the Organization of Islamic Cooperation.

It takes effect three years after the United Nations General Assembly takes note of a nation’s recommendation to graduate from the LDC category made by the Committee for Development of the United Nations Economic and Social Council to graduate the country.

According to the statement, the five-year preparatory period is intended to ensure a smooth transition while acknowledging the impact 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 has been granted on extraordinary basis, primarily in the context of the Covid-19 epidemic, and would ordinarily be for three years under normal circumstances.

 

The Committee on Development Policy, a subsidiary body of the Economic and Social Council, was mandated by the resolution to evaluate the sufficiency of the preparatory period at its triennial review in 2024 and recommend further extension if necessary.

Nepal had met two of the three criteria relating to the human asset index and the economic vulnerability index in the previous two triennial assessments, which were performed in 2015 and 2018, respectively. It was unable to meet the per capita income threshold, on the other hand.

After satisfying two of the three criteria, a country is considered qualified to graduate from the LDC status. However, Nepal has requested that graduation be postponed due to the consequences of the catastrophic earthquake that struck the country in 2015.

To be classified as a developing country by the United Nations, a country’s gross national per capita income must be at least $1,222 in order for it to be classified as a developing country. According to the Central Bureau of Statistics, Nepal’s per capita income is currently $1,191, which is higher than the average.

As part of its invitation to Nepal and the other two graduating countries, the resolution calls on them to develop smooth national transition strategies with the assistance of the United Nations system and in collaboration with their bilateral, regional, and multilateral development and trading partners.

Following the adoption of the resolution, Amrit Bahadur Rai, Permanent Representative of Nepal to the United Nations, reaffirmed Nepal’s commitment to making all necessary efforts to ensure a smooth transition to independence, with increased support from development partners, including the United Nations system.

“Nepal’s graduation from LDC status in 2026 will be a significant milestone, to be sure. In order to avoid regressing, we must maintain our toward becoming a truly developing country capable of fulfilling and maintaining the majority of #SDGs [sustainable development goals] by 2030, said former United Nations Assistant Secretary-General Kul Chandra Gautam in a tweet.

 

Nepal was first placed on the Least Developed Countries (LDC) list in 1971.

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