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Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that the upgrading of Nepal from a least developed country to a developing country in November 2026 will play an important role in Nepal's journey to prosperity.
He also urged the National Planning Commission and the relevant ministries to identify the areas of opportunity created by the upgrading of Nepal in developing countries and formulate and implement programs for their sustainable management. He pointed out the need to internalize and interrelate with the Sixteenth Plan and other sectoral policies to make the
upgradation sustainable. "After upgrading, additional responsibilities will be created in economic and technical matters including international trade, development aid mobilization, implementation of sustainable development goals, enhancement of technical capacity of public and private sector, disaster and climate change management," Finance Minister Paudel said at the two-day national workshop on "Upgradation from the group of highly developed countries to the developing group: challenges and upcoming plans" organized by the National Planning Commission in Kathmandu on Thursday. Coordination and cooperation between partners is necessary.'
He says that a large amount of investment is necessary for sustainable development and achieving the development goals taken by Nepal. He stated that in view of the trends and structural problems seen in the flow of foreign investment and the mobilization of development aid, the government has submitted a bill on the mobilization of alternative development finance to meet the needs of development finance.
Finance Minister Paudel said that Nepal should achieve the goals of sustainable development prioritized in implementation, develop green economy and develop resilience while maintaining access to climate-related global funds.
National Planning Commission Vice Chairman Shivraj Adhikari said that the upgrading process in developing countries of Nepal will increase credibility and open new opportunities for international cooperation, trade and investment. He says that strategic preparation is also necessary for long-term and sustainable transformation along with upgrading.
Unlike the previous evaluations, Nepal has also met all the three necessary standards in terms of income, the Vice President said. "We have made significant progress, now we need more investment, efforts and a clear national direction, this is the time to demonstrate Nepal's potential," he said. The vice-president emphasized that there are still some challenges such as low productivity, weak economic diversification, slow structural transformation and sensitivity to climate crisis, and the next goal is not only to upgrade, but to make it easy, quality and long-term.
