Kathmandu, Oct 30 (IANS) The United Nations General Assembly has unanimously adopted a proposal to extend the preparatory period for Nepal and Bangladesh’s graduation from the list of least developed countries (LDCs) until November 24, 2029.
The decision was made at a meeting of the 81st session of the General Assembly at the UN headquarters in New York, the secretariat of Foreign Minister Shishir Khanal said in a press statement on Friday. Earlier, both countries, along with Lao LDR were supposed to graduate from LDC in November this year.
Citing the Permanent Mission of Nepal to the United Nations in New York, the secretariat said the Assembly unanimously adopted Resolution No. 81/L.8, extending the preparatory period for the graduation of Nepal and Bangladesh.
With this decision, Nepal has gained additional time to pursue the structural and institutional reforms needed to prepare for graduation from the LDC category.
The secretariat said Nepal would use the extended period to enhance productive capacity, strengthen institutions, and advance economic and social transformation. It would also focus on the effective implementation of its Smooth Transition Strategy, the 2030 Agenda for Sustainable Development, and the Doha Programme of Action to ensure a smooth transition after graduation.
“The additional time is expected to help Nepal achieve its goal of graduating from the LDC category in a smooth, sustainable, and irreversible manner,” the secretariat said.
The Permanent Mission of Nepal expressed its gratitude to all UN member states for their continued cooperation, solidarity, and support in adopting the decision.
In May, Nepal formally requested the United Nations Committee for Development Policy (CDP) to postpone its graduation from LDC status by three years, citing economic vulnerabilities and growing geopolitical challenges. Nepal’s request followed a similar request by Bangladesh.
Nepali officials had warned that the country could lose key trade preferences after graduating from LDC status, including duty-free and quota-free market access, potentially affecting employment in productive sectors by as much as 35 per cent. Nepal’s private sector had also been pressing the government to seek an extension of the graduation deadline.
The Nepali government cited several reasons for its request, including the impact of conflicts in West Asia and disruptions to global supply chains on the country’s economy, the World Bank’s projection that Nepal’s economy grew by just 2.3 per cent in the last fiscal year 2025-26, which ended in mid-July, and the economy’s continued fragility following the COVID-19 pandemic, climate-related challenges, and slower-than-expected progress in implementing Nepal’s Smooth Transition Strategy.
–IANS
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