Nepal gets three more years for LDC graduation despite meeting all criteria
Summary
Nepal has received a three-year extension and will now graduate from the UN list of Least Developed Countries on November 24, 2029. Although it meets all graduation criteria, the government says more time is needed to prepare for the economic risks of losing LDC benefits.
Key Points
- The UN General Assembly has granted Nepal an additional three years, pushing its LDC graduation date to November 24, 2029.
- Nepal already meets all three graduation criteria but requested more time to prepare for the loss of international benefits and possible economic fallout.
- The government cited risks including supply chain disruptions, remittance shocks, climate disasters and reduced duty-free market access for exports.
- Nepal has been on the UN list of Least Developed Countries since 1971.
