The United Nations General Assembly (UNGA) has supported a plan to upgrade Nepal from a least developed country (LDC) to a middle-income developing country (MIDC) by 2026.
The UN’s Economic and Social Council has brought the idea to the UN General Assembly for approval. The motion was approved by the UNGA on Wednesday, according to Amrit Bahadur Rai, Chief of Nepal’s Permanent Mission to the UN.
On the occasion, Rai vowed that Nepal would do everything possible to complete the necessary procedures for structural improvements within the next five years. “The Nepalese government has finished strategic initiatives for graduation,” he stated.
This is an opportunity for the country to improve its image in the international community by putting in place economic institutions during the next five years.
We’ve also advocated for addressing issues that may arise after 2026. Following a discussion with development partners, we will come to a resolution.”
Between 2015 and 2018, Nepal had met the requirements for graduation. However, work was hampered and postponed due to the 2015 earthquake, which put the country’s economy in jeopardy.
In 1971, Nepal was added to the list of LDCs.