Govt will introduce strategies to overcome challenges of graduating from LDC status: PM Dahal

Published On: June 19, 2024 09:25 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, June 19: Prime Minister Pushpa Kamal Dahal has said that the government is looking forward to implementing a number of strategies citing the change in the financing landscape after Nepal will graduate from least development countries (LDC) status in 2026.

Speaking at the IDA21 Third Replenishment Meeting on Tuesday, Prime Minister Dahal said the government aims to leverage private capital, attract foreign direct investment, generate additional employment opportunities, accelerate economic activities and enhance domestic revenue mobilization to fight back the challenges that could crop up in the aftermath of graduating from the LDC.

Dahal stressed on setting priority towards investing in human capital, particularly in health and education, as well as developing quality and resilient infrastructure and transforming the lives of the people. 

“Emphasizing digitalization, investment in productive sectors, fostering entrepreneurship, and enhancing skill development are essential to creating jobs, promoting inclusivity and accelerating growth,” the prime minister said.

Prime Minister Dahal underlined the need for assuming utmost responsibilities towards climate action, while responding to fragility, supporting small states and ensuring water and food security.

Nepal faced significant challenges, including a number of devastating incidents like earthquakes, disasters, global pandemic and global economic headwinds which have caused substantial output losses and hindered the country’s progress towards economic prosperity. In order to ensure sustainable and resilient growth, the government is adopting our homegrown Green Resilient Inclusive Development (GRID) approach, prioritizing ten key transition sectors and actions to be accomplished over the next decade.

Underlining the importance of concessions for the LDC countries like Nepal, Dahal said the country should get climate justice to compensate for the loss and damage incurred due to ‘circumstances beyond our control’. 

“Nepal, despite contributing negligibly to global emissions, is disproportionately affected by the adverse effects of climate change,” he said.

Dahal opined that by fostering collaboration and providing equitable access to resources, technology, and investment, LDCs can address historical disparities and promote inclusive growth. 

Strengthening international partnerships, enhancing capacity-building, and supporting sustainable development initiatives are among the government’s priorities, said Dahal, adding that it will not only uplift the LDCs but also contribute to global stability and economic resilience. 

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