The United Nations General Assembly has adopted a historic resolution to graduate Bangladesh from the LDC category to a developing country, a move hailed by Finance Minister AHM Mustafa Kamal as a “landmark success.”
The UNGA confirmation has come during the 40th plenary meeting of its 76th session where the Economic and Social Council or ECOSOC placed the recommendation for Bangladesh’s graduation.
“This is recognition of the incredible socioeconomic progress that has been attained under the prudent leadership of Prime Minister Sheikh Hasina over the years”, he said in his reaction on Thursday.
Kamal also mentioned that this success has been achieved thanks to the nation’s efforts at fulfilling the dream of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
“This is an international recognition of the indomitable progress made by Bangladesh under the direction of the prime minister. People from all walks of life of this country have contributed to this historic success”, Kamal added.
Earlier, the Committee for Development Policy (CDP) of the United Nations recommended Bangladesh for LDC Graduation during its triennial review meeting held on 26th February this year.
CDP also recommended providing an extended preparatory period of five years for Bangladesh spanning from the year 2021 to 2026. The recommendation had been duly endorsed by the ECOSOC of the United Nations on 08 June 2021.
It is notable that Bangladesh is the only country that has been recommended for LDC graduation by fulfilling all three criteria set by the United Nations. This achievement will further brighten the overseas image of the country and will accelerate the ongoing development pace.
Bangladesh has been recommended for graduation at a time when the whole country is celebrating 50 years of its independence as well as the birth centennial of Bangabandhu Sheikh Mujibur Rahman.
As per the rules of CDP, a country can enjoy three to five years long preparatory period after being recommended for graduation.
Since, Bangladesh has received a five-year preparatory period for graduation as per the recommendations of CDP, 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.
With a view to continue the international support measures received as an LDC in the aftermath of graduation as well as to ensure a smooth and sustainable graduation-- the government is taking various policy measures under the leadership of the Prime Minister’s Office, in partnership with private sector and development partners.