PM Oli: Nepal set to graduate from LDC by 2026

KATHMANDU: Prime Minister KP Sharma Oli has stated that Nepal’s economic growth, improved human development index, and progress in health and education were key factors in the UN’s evaluation for upgrading Nepal from a Least Developed Country (LDC) to a developing nation.

Responding to questions during a National Assembly session on Wednesday regarding the LDC graduation report, PM Oli highlighted that despite the global economic downturn due to the COVID-19 pandemic, Nepal’s economy did not enter a negative trajectory — a significant achievement in itself.

“Though our economic growth was zero during the pandemic, it didn’t turn negative. This resilience, along with consistent progress before the pandemic, led to our eligibility for graduation,” Oli said. He noted that Nepal maintained a 7% growth rate and made rapid advancements in education, health, and human development.

He affirmed the government’s commitment to fulfilling all criteria for graduation by 2026, and assured that no indicators would be left incomplete. Oli also said that Nepal has been working toward LDC graduation through periodic plans, budgets, and programs since 2010, but various challenges had delayed the transition.

Globally, graduation from LDC status is based on three criteria: per capita gross national income (GNI), the Human Assets Index (HAI), and the Economic and Environmental Vulnerability Index (EVI). According to UN assessments in 2015, 2018, and 2021, Nepal met the HAI and EVI thresholds, but full graduation had not occurred until now due to multiple factors.