A United Nations delegation visiting Bangladesh has emphasized that the country must formally apply for postponing its graduation from Least Developed Country (LDC) status, providing a well-justified rationale and a detailed roadmap. The discussion took place during a meeting chaired by Shahriar Kader Siddiky, the Secretary of the Economic Relations Division (ERD), and attended by representatives from various government ministries.
Although the government has not yet submitted any proposal for deferring the graduation, a finance ministry official mentioned to The Daily Star that the previous postponement of Bangladesh’s graduation due to the Covid-19 pandemic was for two years. If the nation intends to request an additional delay of up to three years, specific reasons must be articulated, along with a comprehensive plan to tackle existing challenges.
Bangladesh is set to transition from an LDC to a developing country in November next year, with local business voices advocating for an extension despite the interim government’s commitment to the original timeline. The visiting UN team, led by Roland Mollerus, acting director of UN-OHRLLS, is conducting an on-the-ground assessment with a team of officials and experts.
The ERD officials showcased the government’s Smooth Transition Strategy (STS) and its monitoring mechanism during the meeting. They also highlighted the implementation of the National Tariff Policy and ongoing reforms within the National Board of Revenue (NBR) to enhance revenue collection. However, ministry representatives acknowledged various challenges, especially the slow progress in export diversification.
As part of the Graduation Readiness Assessment for Bangladesh, the UN team has circulated questionnaires to ministries, private sector entities, academics, and research institutions. These inquiries aim to evaluate the country’s readiness for LDC graduation and anticipate post-graduation obstacles. The team will compile its evaluation report based on the feedback received.