FNCCI Chair Dhakal wants extension of time for Nepal's transition to status of developing country

Kathmandu, Feb 27: President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), Chandra Prasad Dhakal, held a meeting with UN Resident Coordinator in Nepal, Lila Pieters Yahia, on Friday.     

During their discussion, President Dhakal urged UN Resident Coordinator to extend the timeline for Nepal's transition from the least developed country (LDC) to a developing country. He emphasized that Nepal's graduation time could be stretched by three more years in view of the structurally insufficient preparation.     

Chairman Dhakal also affirmed Nepal's commitment to collaborating with the UN to ensure that the graduation process would be sustainable and beneficial to all people. He reminded that Nepal had not met the per capita income criteria initially, while a slight improvement was seen this year. Economic vulnerability remains a significant concern, prompting the private sector's request for lengthening transition time.     

He, however, made it clear that the private sector was not for slowing progress. It was for better preparation, and for making development sustainable and economically transformative.     

In response, Coordinator Yahia remarked that the UN was supportive to enhancing partnerships with Nepal's private sector. She suggested that the UN, the World Bank, the International Monetary Fund, the Government of Nepal, and the private sector could meet and discuss before reaching a conclusion on extension of Nepal's development timeline from the LDC, which was earlier set for November 2026.(RSS)