Kathmandu. Homework has begun on the preparatory work to be done by the Ministry of Finance to implement the strategy to be adopted when Nepal is upgraded from the Least Developed Country group to a developing country.
In a meeting organized at the Ministry of Finance, Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel stated that Nepal will proceed with the tasks to be done with full preparation and directed the employees to work on it.
National Planning Commission Vice Chairman Prof. Dr. Shivraj Adhikari said that it is necessary to make the transitional strategies relevant to the time and move forward in coordination with all parties.
The meeting also emphasized the need to prepare in a way that will contribute to making the policies, plans and programs proposed while preparing the budget for the fiscal year 2082/083 smooth and sustainable.
The responsibilities of the Ministry of Finance include fiscal policy based on sustainable economic growth and job creation, stable monetary policy, availability of funds and mobilization of development assistance. Similarly, business analysis and capacity building and financial access for high-yield projects are also under the responsibility of the task.
The criteria for upgrading include gross national income per capita, human capital index, economic and environmental risk indicators, etc. After upgrading, it is estimated that there will be strong access to development and commercial investment in Nepal, contribution to the development of new trade and economic partnerships, sustainable development, national image building, and increased credibility. Similarly, it is estimated that there will be an impact on commodity exports, prices, employment, etc.
Nepal is scheduled to upgrade from a least developed country to a developing country in November 2026.
