Prepare to reap benefits of LDC graduation

Prime Ministry Sheikh Hasina has asked all concerned for all-out preparations to reap the benefits of Bangladesh graduating from the least developed countries to a developing nation.

She made the call during yesterday's meeting of the Executive Committee of the National Economic Council at the National Economic Council auditorium in the capital's Agargaon.

After the meeting, Planning Secretary Satyajit Karmaker told reporters that the PM reaffirmed that Bangladesh is going to be a developing country in 2026.

"She has directed to work on the benefits expected to get from the graduation. Besides, she also asked for initiatives to tackle the challenges that may come after graduation."

After 45 years of being an LDC country, the United Nations Committee for Development Policy recommended Bangladesh's graduation in its final evaluation on February 26, 2021.

Bangladesh is scheduled to officially become a developing country in 2026 as the UN committee recommended that the country should get five years, instead of three, to prepare for the transition due to the impact of the Covid-19 on its economy.

Until 2026, the country will continue to enjoy the trade benefits as an LDC.

At that time, Bangladesh met, for the second time, all the three eligibility criteria for the graduation involving per capita income, human assets index, and economic and environmental vulnerability index.

Myanmar and Lao PDR also met the graduation criteria for the second consecutive time. Nepal met the criteria in 2018. The UN CDP, however, deferred the decision on Myanmar and Timor-Leste to the 2024 triennial review.

Although the concept of the LDCs originated in the late 1960s, the first group of LDCs was listed by the United Nations back in 1971. LDCs are usually low-income countries confronting severe structural impediments to sustainable development. While there were 25 countries in the list of LDCs in 1971, the number is 47 now.

Bangladesh was first listed as an LDC in 1975. So far, five countries have graduated from the LDC status. These are -- Botswana (1994), Cape Verde (2007), The Maldives (2011), Samoa (2011), and Equatorial Guinea (2017).

Meanwhile, 10 development projects that cost around Tk 8,425 crore were approved at yesterday's Ecnec meeting.