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Khabarhub Nepal News Katmandu Journal The Rising Nepal | Nepal's First English Broadsheet Daily.
4 sources · 7 articles
Started 4 days ago · Updated 5 hours ago

Nepal Seeks LDC Graduation Deferral to 2029 Citing Economic Concerns

Photo · risingnepaldaily.com

Nepal has formally requested the United Nations to postpone its graduation from Least Developed Country (LDC) status to November 2029, citing significant economic challenges. The Ministry of Foreign Affairs has cited five key reasons for the deferral, including the impact of regional conflicts, risks to preferential market access, and slow transition preparations.

  • Minister for Foreign Affairs Shisir Khanal officially communicated the request to the UN's Committee for Development Policy on May 13, 2026.
  • Key justifications include the World Bank's projection of low economic growth (2.3% in 2026), potential loss of duty-free and quota-free market access, and threats to remittance inflows.
  • The government also highlighted the prolonged impact of the COVID-19 pandemic and disruptions to global supply chains as contributing factors.
  • Losing LDC status could lead to an estimated 35% decline in employment in the productive sector.
  • The private sector has also advocated for the postponement, particularly after property destruction during the 'Gen Z movement'.

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Ministry of Foreign Affairs Nepal Shisir Khanal United Nations Nepal World Bank Committee for Development Policy

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