LDCs most affected by multiple crises: PM Prachanda

Prime Minister Pushpa Kamal Dahal 'Prachanda' has said the least developed countries are hit hard by multiple crises.

Addressing virtually the 2nd Voice of Global South Summit (VOGSS 2.0) , PM Prachanda reiterated that the developing countries, especially the LDCs are the most affected ones by the crises. Rising food and energy prices, tightening financial conditions, and persistent cycles of vulnerabilities continue to add to their worries.

During the summit held under the theme, 'Global South: Together for One Future', PM Prachanda viewed, "We are facing unprecedented crises generated by the COVID-19 pandemic, climate change, and deepening geo-political complexities. They have impacts on food and nutrition, health and education, economy and environment, and peace and security."

Similarly, he said many countries of the Global South are under unsustainable debt burden which is straining investments in health, education, social justice, and other pressing national priorities. "We believe that in order to address the challenges facing the world, the international community must focus on common goals of peace, progress and prosperity. For this, building of trust, promoting partnership and collaboration and working in solidarity remain crucial," the PM underscored.

According to him, the Global South needs to champion inclusive and sustainable global growth, in which the Global South receives a fair share to eradicate poverty and give their people a decent life.

He expressed Nepal's commitment to multilateralism, with the United Nations at the centre. Nonetheless, Nepal believes that the existing global governance architecture needs a timely reform for making it relevant and reflective of today’s realities. At the same time, reform of the international financial architecture should be a top priority with full consideration to the voice of the countries in special situation, including LDCs, LLDCs and SIDS, PM Prachanda stated.

Moreover, PM Prachanda reminded that climate change remains a grave threat to humanity. Climate vulnerable countries like Nepal have been bearing the burden of climate change. The effect of climate change on the Himalayas has posed severe threat to the lives and livelihoods of millions of people living in our region. We all must commit ourselves to achieving the set ambitions in a time-bound manner, according to him.

"With full commitment to the effective implementation of the Paris Agreement, Nepal has set a target of reaching a net-zero emission by 2045 through, among other things, conserving and sustainably managing natural resources, undertaking effective adaption and mitigation measures, and promoting a green, resilient and inclusive economy," he shared.

Easy access to climate finance is prerequisite to a low-carbon and climate resilient development, the PM argued.

PM Prachanda shared happiness that Nepal is graduating from the LDC status by 2026 and committed to making this process smooth, sustainable and irreversible.

Sustainable Development Goals remain at the centre of our development vision and priorities with integration into national policies and plans. But even the progress that we achieved so far has been threatened by the multitude of global crises, he made alert.

As the PM viewed, Nepal is calling for an enhanced level of international support from the partners such as development assistance, FDI, trade facilitation, technology transfer and technical assistance. The South-South cooperation should also be forthcoming to lifting the neediest countries.

Meanwhile, PM Prachanda took the opportunity to congratulate India on its successful G20 Presidency under which substantial achievements were made by the group.