PM Oli Advocates for Equitable Support to Least Developed Countries at Seville Conference

Prime Minister KP Sharma Oli has strongly urged for fair and concessional financial assistance for Least Developed Countries (LDCs), emphasizing the need for a just and rules-based global economic and trade system.

Addressing the Fourth International Conference on Financing for Development held in Seville, Spain, Prime Minister Oli, in his capacity as the Chair of the LDC Group, highlighted that global solidarity must translate into concrete action. Recalling the commitment made in Addis Ababa a decade ago, he stressed that the global community had pledged to “leave no one behind” and to prioritize those furthest behind.

He noted that despite the global GDP rising from USD 75 trillion to USD 115 trillion over the past decade, inequality both between and within countries has widened significantly. At a time when solidarity is most needed, Official Development Assistance (ODA) is, ironically, on the decline.

PM Oli pointed out that debt burdens in the Global South have tripled over the last ten years, with LDCs particularly suffocated by mounting debt. He emphasized that trade is fragmented, investment is weak, growth is unequal, and poverty remains persistent. While technological advancements and innovation are accelerating in developed countries, LDCs continue to face a deepening digital and technological divide, which hinders their economic and social progress.

He stated that inadequate infrastructure continues to restrict the potential of LDCs, and that these countries remain marginalized in the global development arena with their voices unheard. He also highlighted the disproportionate impact of climate change on LDCs, despite their contribution to global greenhouse gas emissions being less than one percent.

Despite facing multi-dimensional challenges, PM Oli expressed confidence that LDCs, empowered by the creativity of their people and backed by development partners’ solidarity and support, are capable of overcoming obstacles. He noted that 14 LDCs are already progressing toward graduation.

In this context, he welcomed the adoption of the ‘Seville Commitment’, which he said presents a renewed opportunity to shift course and commit to a new global financial architecture aligned with the 2030 Sustainable Development Agenda. He called for a strong and sincere commitment to its full implementation, particularly for the benefit of developing and least developed countries.

Prime Minister Oli reiterated Nepal's call for reforms in the global financial system to ensure fairness and justice. He urged development partners to fulfill their commitments of allocating 0.7% of GNI as ODA to developing countries and 0.2% to LDCs, and even exceed those targets.

He emphasized that LDCs need grants and concessional finance under fair terms, and a rules-based global trade framework where all countries can benefit. He also advocated for a vibrant private sector that links the Global North and South through value chains for shared prosperity, and for a UN-led global tax convention and adequate, predictable, and accessible climate financing.

Highlighting Nepal’s upcoming graduation from the LDC category in 2026, PM Oli said that while the country is committed to development, strong international cooperation remains crucial to realize its aspirations. He expressed Nepal’s pride in co-facilitating the Seville Commitment alongside Norway, Zambia, and Mexico and thanked all member states for their trust.

He concluded by urging immediate implementation of the Seville Agenda to restore hope and overcome despair, stating that it could lead to a fairer global governance system that respects all voices, invests wisely in people and the planet, and ensures that no country is left behind.