Washington, D.C., Nov 25: The United Nations General Assembly (UNGA) has endorsed the proposal to graduate Nepal to the status of a middle-income developing nation from the category of a least developed country (LDC) by 2026.
The Economic and Social Council, the UN has presented the proposal in the UNGA for its passage. The UNGA passed the proposal on Wednesday, confirmed Amrit Bahadur Rai, Chief of the Permanent Mission of Nepal to the UN.
On the occasion, Rai pledged for Nepal to do its best to undertake all required procedures for its structural changes within the same within next five years.
He said, "The Government of Nepal has completed strategic efforts for the graduation. This is an opportunity for the country to raise its image in the international forum by creating structures for its economy within the next five years. We have also urged addressing challenges that may emerge after 2026. We will reach a conclusion to this effect after holding a dialogue with development partners."
Nepal had met the criteria for its graduation between 2015 and 2018. However, it had been affected and postponed citing that its economy was threatened due to the 2015 earthquake.
Nepal was incorporated into the list of LDCs in 1971.