UNGA graduates Bangladesh, Laos, Nepal from Least Developed Country category

UN General Assembly on Wednesday, 24 vember declared Banglesh, Laos, and Nepal to have gruated from least developed country (LDC) category on an exceptional basis, with a five-year preparatory period leing to gruation, Xinhua reported. In a resolution passed by General Assembly, it was anunced that three nations will w cease to be least developed as y plan ahe to combat looming ecomic crisis from COVID-19 pandemic, and look towards recovery by implementing appropriate policies and strategies. 

United Nations Committee for Development Policy (CDP) h recommended for Nepal’s gruation from Least Developed Country (LDC) category earlier in February. Due to preparatory period, countries will effectively gruate in 2026. UNGA decided to change status of three countries after CDP conducted a triennial review between 22 to 26 February 2021 and found that Nepal, Lao, and Banglesh all qualified to be moved out of LDC list as y each met criteria for gruation for three consecutive reviews.  three indices that decide gruation are GNI per capita, Human Assets Index (HAI), and Ecomic and Environmental Vulnerability Index (EVI), which three nations successfully met. 

Government of Nepal 'requested' for preparatory period of three years

government of Nepal h requested for preparatory period of three years to be extended to five according to Permanent Mission of Nepal to United Nations. While Nepal specifically met gruation criteria for first time in 2015, CDP in 2018 triennial review recommended deferring gruation. This was due to setback on Nepal’s ecomy by 2015 earthquake and or disasters in consecutive years. “CDP’s recommendation is an important milestone in Nepal’s development trajectory towards national ambition of ‘Prosperous Nepal, Happy Nepali’ and nation’s development aspirations as reflected in Fifteenth Periodic Plan,” Permanent Mission of Nepal to UN h stated.