KATHMANDU, March 16: Nepal’s bid to remain the poorest has succeeded after the United Nations (UN) Committee for Development Policy (CDP) did not recommend the country to the UN Economic and Social Council for graduation from the category of Least Developed Countries (LDCs).

The CDP decided on Thursday to recommend four countries -- Bhutan, Kiribati, São Tomé and Principe, and Solomon Islands -- for graduation.

There were concerns already that Nepal will be deprived of various privileges including concessional financing support and other facilities in trade and developmental assistance once it decides to graduate from the LDC. As a member of LDC, Nepal currently enjoys benefits of special and differential treatment in its obligations toward World Trade Organization.

The government had officially written in early March to the United Nations (UN) saying that it is not in a position to graduate from the Least Developed Countries (LDC) before 2021.

Former vice-chairman of Nepal Planning Commission (NPC), Swarnim Wagle, had told in February that the government had decided not to graduate based on non-income criteria.

There are three thresholds -- Gross National Income (GNI) per capita, Human Assets Index (HAI), and Economic Vulnerability Index (EVI) -- for graduating from the LDC. The LDCs that aspire for graduation must meet two of these three conditions.

Although Nepal has met the criterion of Human Asset Index and Economic Vulnerability Index, the GNI Per Capita is still too low.

“We need to take our GNI per capita to US$ 1,242 for graduation. But it is just about $800 now. We will graduate from LDC only after 2021,” Minister for Population and Environment Lal Babu Pandit had told Republica informing about the government’s decision of not graduating.

However, the CDP has cited the economic and political challenges of Nepal for the reason behind not graduating although the country met two criteria.

The CDP has written in its report that Nepal may again be considered for graduation in the next triennial review of the CDP in 2021 if the country still meets the criteria. There are currently 47 countries in the UN’s list of LDCs.

Professor Jose Antonio Ocampo, the chairman of CDP, said that the decision for graduation of the four countries from the LDCs was a historic occasion since within the 47 years of introducing the LDC category, only five countries had previously graduated.

Source: Republica

Corporate News

High lending rates pose threat to productive sector

Kathmandu, May 1 - One-and-a-half years ago, Bhim Lal Poudel, the owner of Royal Shoe, rapidly expanded business operation, raising the factory’s staff strength by around 50 per cent to 225. A critical factor that encouraged Poudel to increase production of shoes was low interest rate on loans.

Read more ...

Letter of Credit to be made mandatory for trade with India, China

KATHMANDU, April 18: Nepali traders will have to start using banking channel for making or receiving payments from traders in China and India very soon.

Read more ...

Trade experts debate fourth industrial revolution

Kathmandu, April 3, As the world has been witnessing the fourth industrial revolution, which is largely related with artificial intelligence and the internet of things, this progress could bring transformative changes in the economic development of the least developed countries (LDCs) if they are able to access advanced technologies.

Read more ...

Banks have three days to submit plan to reach all unbanked units

KATHMANDU, March 22: Nepal Rastra Bank (NRB) has told commercial banks to come up within three days commitment to open branch offices in 116 local units where they have become reluctant to expand their presence so far.

Read more ...
Symbol % Change Last Price Turnover
AMFI 7.0496 410.0 8,120.0
RHPC 4.0984 127.0 97,620.0
AKPL 3.5461 292.0 35,810.0
GFCL 3.3333 124.0 257,760.0
VLBS 3.0184 785.0 472,560.0
Symbol % Change Last Price Turnover
RRHP 266.0 130,110.0
GIMES1 -11.1111 8.0 25,440.0
NHDL -9.8765 219.0 106,400.0
SINDU -6.9444 134.0 116,016.0
SHL -5.8140 243.0 925,932.0
Symbol % Change Last Price Turnover
NABILP -1.2162 731.0 9,329,182.0
PROFLP 0.0000 100.0 8,000,000.0
NIB 0.6441 625.0 7,724,304.0
NLICL -0.0806 1,239.0 5,491,114.0
PLIC -0.5263 567.0 5,467,041.0