Structural transformation can halve LDCs within 10 years: PM
KATHMANDU, May 8: Prime Minister Jhalanath Khanal has said that structural transformation in Least Developed Countries (LDCs) could help bring down the number of the world´s poor countries to half within next 10 years.
The prime minister said the LDCs need sustained and equitable economic growth that depends inter alia on productive capacity building with particular emphasis on infrastructure development.
“Enhanced market access and capacity to trade, investment in productive sectors and in technology and innovation will be critically important to our success,” he further said.
Addressing the meeting of the heads of the government of LDCs in Istanbul, Turkey as the chair of LDCs, Prime Minister Khanal said, “We have an ambition to enable at least half of the total 48 LDCs to reach the stage of graduation by the end of the implementation of Istanbul Plan of Action on LDCs. We believe that we can accomplish this objective through structural transformation.”
Istanbul Conference will adopt Istanbul Plan of Action for LDC for next 10 years.
The prime minister sought increased international support measures to help address LDCs´ multiple vulnerabilities and structural constraints.
“We need additionalities in all core areas of resources -ODA, trade, FDI and debt relief. In addition to the support from the traditional development partners, we also need enhanced level of support from emerging south, consistent with their capabilities,” the prime minister added.
The prime minister said that international system should be more responsive to the concerns and aspirations of the LDCs. “LDCs increased and strengthened participation in multilateral institutions including IFIs as well as other international processes and fora will be essential towards this end,” he said.
This is the first time the UN Conference on LDCs has adopted four different tracks on its sidelines, namely inter-governmental, parliamentary, civil society and private sector.
The tracks will contribute expert knowledge to help address widespread poverty and structural weaknesses of LDCs´ economic, institutions and human resource. Khanal also addressed civil society track and parliamentary track on Sunday.
Khanal, along with his delegation members, reached Istanbul on Saturday to take part in the fourth UN Conference on LDCs. The conference will formally begin Monday morning and last till Friday. UN Secretary-General Ban Ki-moon was also present during the inauguration of the forum.
Addressing the parliamentary forum of the Inter Parliamentary Union, the prime minister said national parliaments can play an important role by way of overseeing the implementation of commitments made by Program of Action adopted by UN conferences on LDCs through budgetary process and necessary legislations.
“This would not only promote national leadership and ownership but also facilitate effective implementation of the programs,” he said.