Dhaka seeks incentive-based package for sustainable graduation of LDCs
Bangladesh has called for an incentive-based and long-term graduation package for graduating and already-graduated countries from LDCs as they are at a high risk of sliding back -- both due to the Covid-19 impacts and the loss of LDC specific support measures.
Identifying political vision as the key to a LDC's development trajectory towards graduation, Momen said that Prime Minister Sheikh Hasina led Bangladesh's graduation journey from the front.
He said the recommendation by the UN Committee for Development Policy for graduation of Bangladesh was a momentous occasion for the entire nation. It coincided with the 50th anniversary of Bangladesh's independence and the birth centenary of the Father of the Nation.
Foreign Minister AK Abdul Momen made the call while addressing as keynote speaker a high-level virtual event on "Building Resilience for Sustainable and Irreversible Graduation of the LDCs" hosted by the Permanent Mission of Bangladesh in collaboration with the Permanent Mission of Canada and the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States at the UN today.
Highlighting the multidimensional challenges faced by the graduating and graduated countries, Foreign Minister identified access to safe and affordable Covid-19 vaccines as the top priority for the LDCs now.
He said that the most effective solution of this issue will be to utilise TRIPs' waiver to transfer technology and know-hows to LDCs that have production capacities for vaccines.
He urged upon the development partners and vaccines manufacturers to extend support in this regard.
Foreign Minister Momen said that most of the LDCs have limited fiscal buffer and absence of ex-ante insurance schemes against shocks, which make their graduation trajectory highly challenging.
He underlined the importance of adequate financing and resources as critical means for LDCs to keep pace with graduation expectation.
Foreign Minister Momen is now on an official visit to New York to attend the Joint Thematic Event of the UNGA and ECOSOC on "Diversifying the Financing Toolbox to Enhance Investment in LDCs" to be held on 18th June 2021.
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