UN resolution on Bangladesh graduation from LDC is ‘great milestone’: Finance Minister

Finance Minister AHM Mustafa Kamal has termed the approval of the resolution by the United Nations to graduate Bangladesh from the LDC status as a ‘great milestone’ towards the development march of the country.

The United Nations General Assembly (UNGA) has approved a resolution to allow Bangladesh to graduate to the developing county grouping from the least developed country (LDC) category 45 years after it was included in the LDC category.

The UNGA adopted the historic resolution at its 40th plenary meeting of the 76 sessions, said a Finance Ministry press release today.

“This historic achievement is a great milestone to the development journey of Bangladesh. This outstanding achievement has come through the visionary and determined leadership of Prime Minister Sheikh Hasina,” he said.

Kamal said this is international recognition of the indomitable development march of Bangladesh being made over the last decade under the directives from the prime minister.

“People from all walks of life are part of this success,” he said.

It is notable that Bangladesh is the lone country to acquire eligibility for graduation after fulfilling all the three criteria set by the UN. This outstanding feat of Bangladesh will brighten further the image of the country in the global arena and thus expedite the development spree.

Bangladesh has got recognition by the UN through approval of a resolution that coincided with the celebration of the golden jubilee of the country’s independence and birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

The release also said that in order to continue the existing facilities as well as ensuring smooth and sustainable graduation, necessary policy strategies and steps have been taken under the guidance of the Prime Minister’s Office (PMO) taking alongside the private sector and the development partners.

When the UN included Bangladesh in the LDC group in 1975, the country’s poverty rate was 83 per cent. The rate of poverty declined over the years and it was 20.5 per cent in FY 2019-20 before the pandemic devastated jobs and
income opportunities for many.

Earlier, by the end of February this year, Bangladesh became qualified to graduate into a developing nation from an LDC and United Nations Committee for Development Policy (UN CDP) recommended the graduation of Bangladesh.

Bangladesh is now 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.

The country has met, for the second time, all the three eligibility criteria for graduation involving per capita income, human assets index (HAI), and economic and environmental vulnerability index (EVI).

The UN CDP in its second triennial review assessed the economy of Bangladesh and found a strong fulfillment of all three required criteria for graduation.

Bangladesh was well ahead in the gross national income (GNI) criterion and its per capita income was $1,827 in 2019 against the threshold of $1,222.

In the HAI criterion, the country’s score stood at 75.4 points, well above the requirement of 66. In the EVI, a country’s score has to be less than 32. Bangladesh’s score was 27.3.

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