Key Takeaways:
- UN extends Nepal's LDC graduation preparation period until November 24, 2029
- Decision approved unanimously by the UN General Assembly
- Nepal says extra time will be used for structural and institutional reforms
- Extension aims to support a smoother and more sustainable transition from LDC status
Nepal has secured an extension of its Least Developed Country (LDC) graduation preparation period until November 24, 2029, after the United Nations General Assembly unanimously approved a proposal granting Nepal and Bangladesh additional time to prepare for the transition. This marks the second extension of the graduation deadline, with Nepal having received its first extension in 2018 following the devastating economic impact of the 2015 earthquake.
The decision was adopted during the 81st Session of the UN General Assembly on Thursday, according to Nepal's Permanent Mission to the United Nations in New York.
The extension provides Nepal with additional time to implement structural, economic and institutional reforms considered necessary for a smooth and sustainable graduation from the UN's list of least developed countries.
Nepal has pledged to use the extended period to strengthen production capacity, improve institutional effectiveness and accelerate broader economic and social transformation.
Officials believe the additional time will help ensure that Nepal's graduation is achieved in a sustainable and irreversible manner, reducing potential vulnerabilities that could arise during the transition process.
Graduation from LDC status is regarded as a major development milestone, reflecting progress in areas such as income levels, human assets and economic resilience. However, it also brings challenges, including the gradual loss of certain international support measures and trade preferences available to least developed countries.