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The Financial Express

Bangladesh makes strong case for leaving the poor's club

| Updated: January 17, 2021 12:28:25


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Bangladesh makes strong case for leaving the poor's club

The government on Tuesday presented the macroeconomic and socioeconomic progresses achieved by Bangladesh in recent times and the latest position of the country regarding graduation from the least developed country (LDC) group.

The presentation was made at an expert group meeting of the Committee for Development Policy (CDP) as part of the preparation for the upcoming triennial review meeting of the United Nations in February 2021.

The government expects that the country will meet the LDC graduation criteria for the second consecutive time and will be recommended for graduation in the meeting next month, says a press release.

At a virtual meeting on Tuesday, the government also called on the international community for the continuation of international support measures for an extended period to make the upcoming graduation smooth and sustainable for Bangladesh.

Principal Coordinator (SDG Affairs) of the Prime Minister's Office Zuena Aziz led the Bangladesh delegation in the expert group meeting where secretary of the economic relations division (ERD) Fatima Yasmin made a presentation.

The meeting was told that Bangladesh met all the criteria for LDC graduation for the second consecutive time thus the country deserves to be recommended for graduation in the upcoming triennial review.

At the same time, the Bangladesh delegation called for providing extended preparatory period of five years spanning from the year 2021 to 2026.

Bangladesh met all the criteria for LDC graduation for the first time during the last CDP triennial review held in March 2018. As per the provisions of the United Nations, a country must be found eligible in two successive triennial reviews to be recommended by CDP for graduation.

As per the rules of CDP, a country can enjoy three to five years' long preparatory period after being recommended for graduation. If Bangladesh gets five-year preparatory period for graduation after being recommended by CDP during the upcoming triennial review next month, the country will formally graduate from the LDC status in 2026.

During this preparatory period, Bangladesh would be entitled to enjoy all the international support measures reserved for LDCs. In addition, as per the existing provisions, the country would also remain eligible to enjoy duty-free and quota-free access in the European Union market for three more years lasting until the year 2029.

During her country presentation, the ERD secretary mentioned that Bangladesh is going to be recommended for graduation at a time when the whole country is celebrating fifty years of its independence as well as the birth centennial of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

Member of the General Economics Division of Planning Commission Dr Shamsul Alam, finance division senior secretary Abdur Rouf Talukder, senior secretary of the ministry of foreign affairs Masud Bin Momen, and commerce secretary Dr Md Jafar Uddin also attended the meeting.

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