Nepal moves to defer LDC graduation until 2029
Summary
Nepal has requested to defer its graduation from the Least Developed Country status from 2026 to 2029, citing economic and geopolitical challenges affecting growth and trade.
Key Points
- Nepal has formally requested to postpone its graduation from LDC status from 2026 to 2029.
- The decision was influenced by economic and geopolitical issues including disrupted supply chains and reduced remittances.
- Nepal fears losing international support such as duty-free and quota-free market access post-graduation.
- Slow progress in Nepal's Smooth Transition Strategy and impacts of Covid-19 and climate change add pressure on the economy.
