Bangladesh not ready for LDC graduation now: Finance minister

Bangladesh is not ready to graduate from the group of least developed countries (LDCs) at this moment, given the ongoing domestic economic situation and global shocks, Finance Minister Amir Khosru Mahmud Chowdhury said today.

Almost all economic indicators are now on a downward trend, making LDC graduation out of the question at this stage, the minister told journalists following a discussion on the country’s readiness for graduation at the Planning Commission in Dhaka.

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He said the economy has been under persistent strain due to the Middle East crisis, adding that the impact is global and not limited to Bangladesh.

The government has been engaged in continuous “firefighting efforts” to stabilise the economy, he added.

According to the minister, readiness for graduation depends on capacity building, and the government is working on that in line with its election manifesto.

Bangladesh has already applied to the United Nations (UN) for a three-year extension of the LDC transition period until 2029 to allow for further preparation. The UN Committee for Development Policy has set in motion the evaluation process for the request.

The proposal will now be forwarded to the UN Economic and Social Council and subsequently to the UN General Assembly this year for consideration, the minister said.