Making Nepal a Middle Income Developing Country: Opportunities and Challenges – The Himalayan Times – Nepal’s No. 1 English Daily Newspaper


KATMANDU, NOVEMBER 27

The 40th plenary meeting of the 76th session of the United Nations General Assembly on Thursday unanimously adopted a resolution approving Nepal’s graduation from the least developed country category with a five-year preparatory period.

With the unanimous adoption of the proposal, it became inevitable to focus the vision of all political actors on national income generation activities, and to maintain political stability for the next five years.

The meeting endorsed Nepal’s proposal on the basis of gross national income, human assets and economic and environmental vulnerability, considering the Nepalese government’s steadfast plan to realize the national aspiration of “prosperous Nepal, happy Nepalese” reflected in the 15th periodic report Plan.

It is a matter of pride for all Nepalese that Nepal, which has been a victim of poverty and backwardness for more than five decades, is turning into a middle-income developing country. Not only has the country’s recovery been a sign of progress, it has also sent a positive message to the global community on Nepal’s development prospects.

Although the challenge for Nepal is to increase the income of every Nepalese, free them from the vicious cycle of poverty and keep them engaged in generating sustainable income, the upgrade can be marketed as an attractive destination for them. foreign direct investment and there are many opportunities to increase domestic private sector investment for a smooth upgrade. There is no other solution than to move forward towards sustainable and irreversible development by gradually shaping development strategies, accelerating political and procedural reforms and adjustments in cooperation with trading partners and development of Nepal, and creating an environment conducive to investment.

It has become imperative for the country’s political leadership to immediately engage in dialogue with Nepal’s bilateral and multilateral trade and development partners to ensure that the common national development “agenda” remains the same, despite political differences. For that, it is necessary to show strong will and sincerity.

Nepalese political leaders, who have successfully resolved a decade-long armed conflict peacefully, should once again take the opportunity to show that they are not divided on the issue of removing Nepal from the list. poor countries and restore its image to the world community.

Even though Nepal, as the least developed country, will continue to receive favors, facilities, concessions and assistance from the international community until December 2026, it will be reduced thereafter. In order to work with a clear plan of action focused on the country’s abundant water resources, the commercialization of agriculture, the optimal use of forests and forest products, including the herbal medicine and tourism sectors, it It has become imperative to formulate a national transition upgrading strategy in collaboration with bilateral, regional and multilateral trade and development partners, including the United Nations system.

The five-year preparatory period is set for a smooth transition, recognizing the effect of the COVID-19 pandemic and the resulting need to implement policies and strategies to reverse the pandemic’s damage to economic sectors and social. The five-year transition period is provided on an exceptional basis mainly in the context of the COV-ID-19 pandemic, which would normally be three years.

The resolution tasked the Committee for Development Policy, a subsidiary body of the Economic and Social Council, to analyze the adequacy of the preparatory period during its 2024 triennial review and recommend a further extension if necessary. The resolution also calls on Nepal and the other two graduate countries to prepare national strategies for a smooth transition, with the support of the United Nations system and in cooperation with their bilateral, regional and multilateral trade and development partners.

After the adoption of the resolution, Nepal reiterated its commitment to make all possible efforts for a smooth graduation with the increased level of support from development partners, including the United Nations system.


A version of this article appears in the November 28, 2021 print of The Himalayan Times.


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