Technical and financial assistance essential for LDCs: Minister

Least developed countries (LDCs) require technical and financial assistance and help from other nations to develop human resources so that they can overcome key challenges.
This was one of the messages delivered by the Lao Minister of Foreign Affairs, Mr Saleumxay Kommasith, at the High-Level Regional Review of the Istanbul Programme of Action (IPoA) for least developed countries, which is being held during August 30-September 2.

Mr Saleumxay highlighted the importance of valuable support from friendly countries and international organisations to strengthen the capability of LDCs to respond to the Covid-19 crisis and to smoothly graduate from the LDC status as planned.
Alleviating poverty and exiting the LDC status are among the major goals of the Party and the government of Laos, according to the Ministry of Foreign Affairs.
Globally, of the seven LDCs scheduled to graduate by 2026, five are in the Asia-Pacific region. They are Bhutan, which is expected to graduate in 2023, the Solomon Islands in 2024, and Laos, Bangladesh and Nepal in 2026.
The United Nations Committee for Development Policy has extended the transition period by two more years for Laos, Bangladesh and Nepal.
Even if Laos can exit the LDC status in 2026, the poverty reduction programme will remain high on the agenda of the Party and the government to ensure the well-being of its citizens.
Over the past 10 years, Laos has incorporated the IPoA into its national socio-economic development plan in different periods to boost growth and poverty reduction.
However, Laos is struggling to contain the spread of Covid-19 and rebuild its economy to overcome financial and economic difficulties.
The Asia Pacific Regional Review is essential as 12 out of 46 LDCs are situated in the region, according to a report from the UN Economic and Social Commission for Asia and the Pacific (UNESCAP).
The LDCs are making considerable progress in socio-economic development, particularly in reducing income poverty and investing in human resources and infrastructure, enabling most of the countries of this region to fulfil the criteria for graduation.
The regional review, held via videoconference, is aimed at highlighting the accomplishments in implementing the Istanbul Programme of Action in Asia-Pacific LDCs during 2011-20, sharing best practices and lessons learned, and identifying obstacles and constraints.
The conference will also identify effective international and domestic policies in the light of the outcome of the appraisal, and new and emerging challenges and opportunities and the means to address them.
Besides, officials at the conference discussed documents to prepare for the Fifth United Nations Conference on the Least Developed Countries, which will take place in Doha, Qatar in January 2022.

By Times Reporters
  (Latest Update September 2, 2021)