EDITORIAL
With confidence of investors, entrepreneurs and drivers of economy not returned to normal yet, exiting the status of the Least Developed Countries this year would not be a good idea. The voice is also being aired slowly by stakeholders of economy; leaders of private sector have also begun to point out how inappropriate it would be to quit LDC without a sound backdrop for graduating to the status of developing countries. While the idea of being promoted to upper rank appears charming, doing so without pragmatic groundwork would not be wise. The country’s economy is not doing well at present specially after the destruction of private and public sector properties and establishment last year. The banking sector has enough resources but is unable to lend it even at low rate because investors’ willingness to borrow and boost investment cannot be felt in real time. The government has not been able to spend resources meant for development. General people are struggling to maintain their daily life because of high market price. Since all facilities available to LDCs will not be available after quitting the status, Nepal could face further complications in economy after promotion. That is why it is proper to initiate discussion with appropriate institutions and authorities on postponing the date for being uplifted to higher status. The same efforts should be made in the country to make people understand why the step for extending the timeline for dropping LDC status has been taken. Since all know the adverse impact on economy of last year’s political and other disturbances, the point would be received well and in positive spirit. Postponing such date is actually a practice that some other countries have also done. It could be considered as a part of managing the project of promotion for better results at more appropriate time-period. The modality of moving up to another status would also not be affected by an extension of 2 or 3 more years. Some more public discussion on the matter would further contribute to strengthen the Nepali economy in such a manner that it will be able to quit its current of LDC status in a more sustainable way.
