As of today, Tuesday 27 October, there are 38 days left until Vanuatu graduates from the status of Least Developing Country (LDC) to Developing Country under the theme 'Development maturity'.
The graduation on 4 December will mark the beginning of the next stage of the country's development journey, said Prime Minister, Bob Loughman.
“Graduation is a significant milestone. It shows that even as a relatively young country, we are progressing along our development journey," he said.
“It may lead to improved country image and higher rating for investment by international agencies, which may attract more investment.
“It may also bring about greater flexibility in the delivery of aid, including greater use of budget support and access to a wider range of commercial and concessional loans.
“A number of studies have concluded that graduation will have little effect on external and domestic revenue, and that trade related issues are mostly manageable.
“Government officials will continue to work closely with the business community, and trade and development partners to ensure a smooth transition.
“A smooth transition will depend on improving institutional and productive capacity, which provides the stimulus for the private sector to flourish."
Economic uncertainty due to the global covid-19 pandemic has promoted the government to seek international support to extend the period of smooth transition, said the PM.
“We hope that the UN General Assembly will vote to support our resolution to help ensure no country graduating in these uncertain times slips back into the LDC category," he said.
“The People's Plan/Vanuatu 2030 is a celebrated example of contextualising the globally agreed development goals-it also the primary guide to our transition.
Vanuatu's LDC graduation process started in 2013.
The smooth transition strategy was finalised at the end of 2019, following a multi-year process of consultation and analysis.
Vanuatu will be the sixth country to graduate since the group was formed in 1971.
It is expected that most Pacific Island countries will follow and graduate in the coming years.
Photo supplied