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Finance Minister AHM Mustafa Kamal on Thursday said the United Nations General Assembly’s adoption of the resolution on ECOSOC’s recommendation for Bangladesh’s graduation from the LDC category it as a landmark in the country’s development journey.
“This is recognition of the incredible socio-economic progress that has been attained under the prudent leadership of Prime Minister Sheikh Hasina over the years,” said the minister, according to a statement issued by the Economic Relations Division.
The UN Generally Assembly adopted the resolution during the 40th plenary meeting of its 76th session on Wednesday.
Kamal also said this success was achieved for the Prime Minister’s vision to implement the dreams of the Greatest Bengali of all time, the Father of the Nation and the architect of independent Bangladesh Bangabandhu Sheikh Mujibur Rahman.
“This is international recognition of the indomitable progress made by Bangladesh under the direction of the Honorable Prime Minister. People from all walks of life of this country have contributed to this historic success”, he said.
Earlier, the Committee for Development Policy (CDP) of the UN recommended Bangladesh for LDC Graduation during its triennial review meeting held on February 26 this year. The CDP also recommended providing an extended preparatory period of five years for Bangladesh spanning from 2021 to 2026. The recommendation had been duly endorsed by the Economic and Social Council (ECOSOC) of the UN on June 8.
Bangladesh is the only country that has been recommended for LDC graduation by fulfilling all three criteria set by the UN. This achievement will further brighten the overseas image of the country and will accelerate the ongoing development pace, the minister said.
Bangladesh has been recommended for graduation at a time when the whole country is celebrating the golden jubilee of its independence as well as the birth centennial of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
As per the rules of CDP, a country can enjoy a 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 the LDCs.
In addition, as per the existing provisions, the country would also remain eligible to enjoy duty-free quota-free access to the European Union market for three more years till 2029.
With a view to continue the international support measures received as an LDC in the aftermath of graduation as well as to ensure smooth and sustainable graduation, the government is taking various policy measures under the leadership of the Prime Minister’s Office, in partnership with the private sector and development partners, the statement read.
