Nepal firm to graduate from LDC status: DPM Shrestha

By A Staff Reporter,Kathjmandu, Mar.8: Deputy Prime Minister and Minister for Physical Infrastructure and Transport Narayan Kaji Shrestlia has said that the Least Developed Countries (LDCs) cannot wait another half a century just to leave the tag of LDCs. 

Addressing the 5th United Nations Conference on Least Developed Countries in Doha on Monday, DPM Shrestha strongly called for development partners for the effective implementation of the Doha Programme of Action in tandem with the 2030 Agenda for Sustainable Development. 

DPM Shrestha underlined that together we can rebuild the economies of the LDCs, overcome the climate crisis and save our planet from the brink of climate hell, and achieve Sustainable Development Goals (SDGs) in the spirit of leaving no one behind, read a statement issued by the Permanent Mission of Nepal to the United Nations on Monday night.  

He expressed Nepal's firm commitment to graduating from the LDC category even in the face of profound economic setbacks owing to the pandemic, earthquake, and climate change. 

As a responsible member and incoming Chair of the LDC Group, Nepal remains committed to upholding the Group's collective interest in all possible manners, he said. 

DPM Shrestha also shed light on Nepal's political transformation and emphasised that federal democratic republic and socialism-oriented inclusive democracy have been institutionalised in the new constitution promulgated in 2015.  “Now, we are in the process of implementing the constitution which has shouldered upon us the historical task of economic development and prosperity with social justice as the main task of today,” he added.

On climate change, he welcomed the decision to establish the Loss and Damage Fund in COP27 and underscored the need for collective action to tackle this crisis. Meeting the $100 billion climate finance promise stands as a test case for sustainable climate finance for the future of LDCs, he said. He also called for a comprehensive debt relief initiative and enhanced digital cooperation and technology transfer for LDCs.

In the afternoon, DPM Shrestha co-chaired the high-level thematic round table 3: Structural transformation as a driver of prosperity in LDCs. In his remarks, he highlighted the importance of achieving structural transformation not only for LDCs’ economic prosperity and wellbeing but also for their social development and environmental sustainability. 

He also underscored major challenges of LDCs that prevent them from accelerating progress toward structural transformation such as insufficient investment in the development of human capital, science and technology and innovative capacities as well as infrastructure deficits and emphasised scaling-up support to address these challenges. He said that as a graduating country, Nepal has no other alternatives than to increase investment for a robust structural transformation to make graduation sustainable and irreversible. 

In the evening, Dr. Min Bahadur Shrestha, vice chairman of National Planning Commission delivered statement at a side event on facilitating structural transformation towards the achievement of the sustainable development goals in Asia Pacific’s LDCs organised by UNSCAP. Dr. Shrestha highlighted the key policy initiatives that Nepal has been taking for industrialisation infrastraucture development, particularly hydropower transportation, modernisation of agriculture, digitisation and innovation and tourism for the economic structural transformation. 

Likewise, foreign secretary Bharat Raj Paudel and secretary of National Planning Commission Kewal Prasad Bhandari also held separate meetings with concerned counterparts.