LDC graduation strategy should be action-oriented

Bangladesh's strategy aimed at graduating from the group of least-developed countries (LDCs) must be action-oriented to ensure a smooth and sustainable transition, speakers at a high-level dialogue at the Prime Minister's Office said today.

M Tofazzel Hossain Miah, principal secretary to the prime minister, and chair of the National Committee on LDC Graduation, presided over the session. Attendees included secretaries from various ministries and high-level representatives from business chambers, according to a press release.

Bangladesh has met all the criteria for LDC graduation in consecutive reviews by the UN's Committee for Development Policy in 2018 and 2021. The country is set to graduate in November 2026 after a five-year preparatory period.

The United Nations recommends that graduating LDCs prepare a Smooth Transition Strategy (STS) with the help of development and trading partners, along with targeted UN assistance.

In line with this, Bangladesh has begun formulating its STS in collaboration with the United Nations Department of Economic and Social Affairs. The high-level dialogue was organised to discuss the draft STS and its associated action plan, seeking feedback from stakeholders.

Tofazzel said that the STS can turn the challenges of LDC graduation into opportunities.

Participants commended the draft STS as comprehensive and informative but stressed that the action plan should be specific and action-oriented.

They also suggested that the STS should include recommendations on structural transformation, productivity enhancement, domestic resource mobilisation, and tariff rationalisation, the press release added.