In his address to the Annual Ministerial Meeting of the Least Developed Countries (LDCs) held virtually on the margins of the 76th session of the United Nations General Assembly, Foreign Secretary Poudyal said that LDCs must build resilient economies with adequate physical infrastructure, advanced industrial and technological capacity, and expanded social safety-nets to win the war against the virus, eradicate poverty and ensure the well-being of their people.

He also underlined the need to build productive capacity for the structural transformation of their economies. He called for an enhanced level of support from the international community in the areas of Official Development Assistance, Foreign Direct Investment, aid for trade, debt relief, climate financing, and technology transfer. While expressing concerns about the upfront cost and loss of support measures, he said graduation from the status of LDC category is our long-held aspiration and an important development milestone, and Nepal is committed to make it smooth, sustainable and irreversible. ‘As we are preparing for LDC5 in Doha, we must focus on the unfinished business of the IPoA and chart out actions for sustainable and resilient recovery of the LDCs’, the Foreign Secretary stressed.

He also emphasized the need for shared purpose, global solidarity and strong and ambitious programme of action to avert the risk of another lost decade of development. Ministers from LDCs, friends of LDCs and development partners, and high-level UN officials had participated in the meeting. The meeting adopted a Ministerial Declaration as its outcome, according to the Ministry of Foreign Affairs.