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The United Nations General Assembly has unanimously approved a proposal to extend the preparation period for Nepal and Bangladesh’s graduation from the Least Developed Country (LDC) category until November 24, 2029.
The decision was taken during the 81st session of the UN General Assembly at the UN Headquarters in New York. According to Nepal’s Permanent Mission to the United Nations, the Assembly unanimously adopted Resolution No. 81/L.8, approving an extension of the preparatory period for the graduation of Nepal and Bangladesh.
The extension provides Nepal with additional time to carry out the structural and institutional reforms required before graduating from the LDC category.
The additional preparation period is expected to allow Nepal to strengthen its economic and institutional foundations and address potential challenges associated with the transition from the LDC group.
Nepal has said it will use the extended period to enhance productive capacity, strengthen institutions and accelerate economic and social transformation.
Nepal will also focus on implementing its Smooth Transition Strategy, which has been developed to support the country’s transition following graduation from the LDC category.
The country will further prioritize the effective implementation of the 2030 Agenda for Sustainable Development and the Doha Programme of Action, according to the Permanent Mission.
The additional preparation period is expected to help Nepal achieve a smooth, sustainable and irreversible graduation from the LDC category while strengthening its capacity to manage the economic and development implications of the transition.
Nepal’s Permanent Mission expressed gratitude to all UN member states for their continued cooperation, solidarity and support in facilitating the decision.
The extension is considered significant for Nepal as the country works to strengthen its economic resilience and productive capacity before completing the LDC graduation process.
