Bangladesh is encountering difficulties as it readies to graduate from the Least Developed Countries (LDCs) list due to ongoing macroeconomic instability and weak performance. The country’s Finance Minister, Amir Khosru Mahmud Chowdhury, led a meeting in Dhaka to discuss the LDC graduation. The UN-OHRLLS review report highlighted key gaps in Bangladesh’s readiness for graduation.
Mohammad Abdur Razzaque, Chairman of RAPID, shared insights from the UN report during the meeting. The report pointed out various shortcomings and risks in Bangladesh’s preparation for LDC graduation. It warned that political transitions and economic crises could jeopardize the country’s socio-economic progress and graduation prospects.
The UN report emphasized the lack of preparedness in addressing potential trade losses post-graduation. It also raised concerns about Bangladesh’s financial readiness for LDC graduation, citing limited implementation of the Smooth Transition Strategy (STS). Due to insufficient preparedness, Bangladesh has requested a three-year extension for its LDC graduation.
Bangladesh’s Finance Minister, Chowdhury, expressed that the country cannot proceed with LDC graduation given the current economic challenges. He highlighted the poor state of the economy and stated that any decision on graduation would only come after addressing the economic difficulties inherited from the previous government. Bangladesh had requested a delay in LDC graduation in February, a position reiterated by Chowdhury.
