Kathmandu. Kathmandu: Prime Minister KP Sharma Oli has said the least developed countries want grants and concessional financial assistance on fair terms.

In his address to the 4th International Conference on Finance for Development in Sevilla, Spain, he made it clear that they were in favour of a rules-based and equitable global trading system and all countries could benefit from it.

Addressing the Group of Least Developed Countries (LDCs) as chair, he said the world had promised solidarity with least developed countries in ‘Addis Ababa’ a decade ago. Stating that this commitment is also reflected in the agenda of 2030, he said, “We promised not to leave anyone behind and promised to uplift the most backward first.” Ten years later, the world is making progress. ’

Stating that the world’s GROSS domestic product (GDP) has increased from about Rs 75 trillion to Rs 115 trillion during this period, pm Oli said inequality between some countries and within the country is increasing. At a time when solidarity is most needed, official development assistance (ODA) is declining, he said.

He said debt has suffocated the Southern Hemisphere, and credit, especially from least developed countries, has tripled in the last decade. Pm Oli said, “Trade is fragmented. Growth is uneven. Investment is weak and poverty persists. Technology and innovation are making rapid strides in developed countries. But least developed countries face a deep technological and digital gap. This has seriously hampered their economic and social progress, he said.

Stating that weak and inadequate infrastructure was continuously hampering the prospects of least developed countries, pm Oli said that in the Global Development Forum, least developed countries have been marginalized and their voices are not being properly heard.

“Climate change is affecting least developed countries the most, even though they emit less than one percent of greenhouse gases. After ‘Addis Ababa’, cable has been upgraded to only four least developed countries,” he said.

Despite the multi-dimensional challenges, least developed countries are determined to overcome the challenges with the strength and creativity of their people, as well as the cooperation and solidarity of development partners. He said that 14 least developed countries are also moving towards upgrading. Against this background, the ‘Sevia Commitment’ passed today has given everyone an opportunity to change course, he said.

Stating that it promises a renewed global financial framework for the implementation of the Sustainable Development Agenda of 2030, pm Oli said that developing countries, especially least developed countries, strongly urge for its full implementation with goodwill and high spirit.

He called for justice and fairness in the global economic and financial system and said that they were in favor of reforming the global financial structure. “We urge our development partners to meet the 0.7 per cent ODA commitment for developing countries and move beyond the 0.2 per cent target for least developed countries,” he said.

Stating that they want subsidies and concessional financial assistance on fair terms, he made it clear that they are in favour of a rules-based and equitable global trading system. He also said that all countries can benefit from this.

“We stand for a vibrant private sector that connects the world’s northern and southern hemispheres through value chains and brings shared prosperity for all. We are in favor of the United Nations-led Convention on Taxes. We demand adequate climate finance that is affordable, predictable and accessible,” he said, adding that the Sevia commitment should be an important catalyst for the development and progress of all least developed countries. It should also ensure easy, irreversible and sustainable upgradation. ’

On the occasion, he said Nepal was going to be upgraded from least developed country by 2026 and pointed out the need for strong support from development partners to realize our development aspirations. “Nepal is proud to be able to work with Norway, Zambia and Mexico as co-facilitators of the Sevilla commitment. We thank all member states for their faith,” he said.

Prime Minister Oli called for immediate implementation of the Sevilla Agenda to overcome despair and revive hope, saying it would establish a fair global governance system that respects the voice of all. “This will give rise to solidarity-based partnerships, prudent investment in the people and the earth, and hope for an excellent world where no country is left behind,” he said.