Kathmandu, Feb 28 – The meeting of the Council of Minister has decided to submit a proposal for Nepal’s graduation to a developing country from the least developed country (LDC) before the United Nation’s review meeting in 2021.
The cabinet meeting today took a decision to make the proposal only in 2021 as more time was needed for Nepal to introduce reforms in important indexes like economic growth and per capita income, Finance Minister Dr Yubraj Khatiwada said.
As there are three major indexes–gross national income (GNI), human assets development and economic vulnerability–to graduate to a developing country and the economic index is not satisfactory out of the three indexes for Nepal’s graduation, the Finance Minister said.
Dr Khatiwada said that the Council of Ministers took such decision as Nepal still needs subsidized international assistance and trade facilitation.
The UN holds review meeting in every three years in regard to economic advancement.
As chances of economic vulnerabilities remain high while proposing for Nepal’s graduation in 2018, the government is expecting to propose it only in 20121.
Earlier, the National Planning Commission had suggested the government in the same line of thought.