NA Subcommittee submits report on Nepal's graduation from LDC

Kathmandu, Feb 14: The Sustainable Development Sub-Committee of the Committee on Development, Economic Affairs and Good Governance under the National Assembly (NA), endorsed its study report-2081 on Nepal's graduation from the category of Least Developed Country (LDC) to a middle-income committee.

With the endorsement, the document has been handed to the Committee.     

Receiving the report on Friday, Committee President Kamala Devi Pant said the report was prepared following broader discussions with various ministries, stakeholders concerned and the private sector. She praised the subcommittee coordinator and its members for their efforts in the preparations of the report.     

"The document will be helpful in providing guidelines to the government," she said.     

The subpanel coordinated by NA member Dr Anjan Shakya comprises Bamdev Gautam, Jitjung Basnet, Bhuwan Bahadur Sunar and Sabitri Malla as members. According to coordinator Shakya, the document was prepared after series of discussions and in-depth study.     

Consultations were made with the National Planning Commission, the Office of the Prime Minster and Council of Ministers, the Ministry of Foreign Affairs, the Finance Ministry, the Ministry of Commerce and Supplies, the Ministry of Labour, the Employment and Social Security, the Nepal Chamber of Commerce, the Federation of the Nepalese Chamber of Commerce and Industry, the Confederation of Nepalese Industries, Joint Trade Union Coordination Centre ad private sector, it is said.     

 Nepal is set to be upgraded from the LDC to the middle-income country by November 24, 2026.     

Efforts to achieve this milestone have been ongoing through periodic plans, budgets, and programs since 2010.     

According to international criteria, a country can be upgraded from LDC status if it meets the conditions for the Human Assets Index (HAI), Gross National Income, and the Economic and Environmental Vulnerability Index.     

During the United Nations assessment in 2015, 2018 and 2021, Nepal had met the criteria of Human Assets Index and the Environmental Vulnerability Index. It may be noted that in case of meeting two of three conditions, a country will be qualified for the graduation. But it has not been possible for Nepal to be upgraded due to various reasons.(RSS)