Kathmandu: The Finance Ministry has initiated groundwork for implementing a national strategy to secure Nepal’s transition from a least developed country to a developing country.
According to National News Agency Nepal, during a meeting at the Finance Ministry, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel urged all employees to engage and coordinate efforts to accelerate the preparation process. The Vice-Chair of the National Planning Commission, Prof Dr Shiva Raj Adhikari, highlighted the importance of robust coordination among all stakeholders, emphasizing that the transitional strategy should be relevant and timely.
Dr. Adhikari pointed out that the preparation must incorporate policies, plans, and programs to be proposed for the upcoming fiscal year’s budget for 2025/26. He also noted that Nepal is expected to experience reliable access to development and commercial investment, as well as an increase in new business development and economic partnerships following its graduation to developing country status.
There is also an anticipation of impacts on the export and employment sectors as Nepal makes this transition. The country is set to officially graduate from a least developed country to a developing country in November 2026.