Kathmandu: Deputy Prime Minister and Minister for Finance, Bishnu Prasad Paudel, has urged the National Planning Commission (NPC) and relevant ministries to design and implement strategic plans and programs in anticipation of Nepal’s transition from its current status as a Least Developed Country (LDC) to a middle-income nation by 2026. He emphasized the critical importance of sustainable management of the opportunities that will arise from this transition.
According to National News Agency Nepal, during his speech at a national workshop titled “Graduation from the Category of the Least Developed Country to a Developing Countries’ Group: Challenges and Upcoming Plans,” the Deputy Prime Minister highlighted the necessity of integrating the 16th Periodic Plan with various sectoral policies to ensure a smooth and sustainable transition. Nepal’s graduation from the LDC status is expected to bring increased responsibilities in economic and technical domains, including international trade, development assistance mobilization, and the implementation of Sustainable Development Goals.
The Deputy Prime Minister underlined the need for substantial investments to meet sustainable development and national goals. To address the financial challenges posed by evolving trends in foreign investment and development assistance, the government has introduced the Alternative Development Finance Mobilisation Bill. This bill, alongside the Foreign Assistance Mobilization Policy, 2082 BS, aims to improve the effectiveness of assistance mobilization and strengthen the investment climate in collaboration with the private sector.
Moreover, the Finance Minister highlighted the importance of enhancing Nepal’s export sector to sustain international trade. He called on relevant bodies to increase production and productivity, implement trade agreements, and focus on protecting and promoting physical property. The Deputy Prime Minister acknowledged the significant challenges posed by disasters and climate change, stating that these issues have a profound impact on Nepal’s economy and citizens.
He advocated for Nepal to pursue sustainable development goals by developing a green economy and resilience, with the support of development partners and the global community for high investment and technical capacity. The Deputy Prime Minister also stressed the importance of cooperation among government bodies, private sectors, non-governmental organizations, and development partners to tackle these challenges effectively.
In addition, NPC Vice-Chairperson, Prof Dr Shiva Raj Adhikari, explained that concerted efforts are being made in collaboration with public and private sectors, as well as development partners, to focus on economic transformation and structural reforms. The two-day event aims to facilitate discussions on economic stability, financial sustainability, climate change, disaster risk management, social inclusion, and integrity.