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FinMin expresses firm resolve on LDC graduation

Published : Thursday, 14 January, 2021 at 12:00 AM  Count : 68
Business Correspondent

Finance Minister AHM Mustafa Kamal on Wednesday expressed his firm resolve that Bangladesh would graduate from the least developed country (LDC) to developing status soon.
He made the observation taking about a review meeting of the UN Committee for Development Policy (CDP) to be held in February this year. "We hope that we'll graduate from the LDC status and thus march towards a developing nation," he said.
The Finance Minister was briefing reporters virtually after chairing two separate meetings on the Cabinet Committee on Economic Affairs and the Cabinet Committee on Government Purchase (CCGP).
Bangladesh is going to get recommendation for the 2nd time for fulfilling the criteria of graduating from the LDC status in the triennial review meeting of the UN-CDP to be held in February 2021.
Kamal said upon fulfillment of some criteria, the UN CDP in a triennial review meeting give recommendations for graduation of a country to an upper level from the lower level. He said if a country could pass two consecutive assessments, then it gets recommended for graduation.
Bangladesh was recommended for LDC graduation by CDP in its triennial review in 2018 as the country met the graduation criteria in Gross National Income (GNI) per capita, Human Assets Index (HAI), and Economic Vulnerability Index (EVI), he added.
The finance minister said if Bangladesh could fulfill all the three criteria in the 2nd review in February, then the country would be able to come out of the LDC bloc and thus move towards the next stage.
"We're hopeful that we'll overcome the 2nd assessment …….We hope we'll graduate from the LDC status," he said.
Kamal said if Bangladesh could graduate, it would be an wonderful achievement when the country will be celebrating the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the golden jubilee of independence.
According to CDP criteria, a country gets a three-year transition period to prepare itself. During this preparatory period, it continues to receive benefits from specific international support in the areas of trade, development assistance, and general support.
Recent official data suggests Bangladesh has met the criteria in its GNI, HAI, and EVI, to get out of the LDC bloc.
The UNCTAD in its assessment last month found the country was well ahead of the required thresholds in the three criteria. Being an LDC, the country has been enjoying trade preferences, development financing technical assistance, and other forms of support.
Bangladesh was included in the LDC list in 1975. In 2015, it crossed the threshold of the World Bank-defined lower middle-income country and became eligible for graduation in 2018.
A country must cross the threshold on two of the three criteria to be considered for the graduation to next level.

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