Foreign Minister Dr AK Abdul Momen on Friday called for an incentive-based and long-term package for the graduating and 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.
The Foreign Minister said most of the LDCs have limited fiscal buffers and absence of ex-ante insurance schemes against shocks, which make their graduation trajectory highly challenging.
Dr Momen was speaking as a keynote speaker at a high-level virtual event on ‘Building Resilience for Sustainable and Irreversible Graduation of the LDCs’ hosted by the Permanent Mission of Bangladesh in New York 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 (OHRLLS).
He underlined the importance of adequate financing and resources as critical means for LDCs to keep pace with graduation expectations.
Dr Momen emphasised that LDCs need enhanced financing support to mitigate critical deficits in physical and institutional infrastructure and capacity building.
Eisenhower Mkaka, MP, Minister of Foreign Affairs of Malawi and the Chair of the Global coordination bureau of the LDCs, also delivered a keynote speech at the event.