Bangladesh explains to UN why 3 more years needed for LDC transition
The Ecosoc president and vice-president acknowledged the global challenges that developing countries face during their transition from LDC status.
Bangladesh has urged the United Nations Economic and Social Council (Ecosoc) to allow a three-year extension to its preparatory period for graduation from the Least Developed Country (LDC) category, saying additional time would help ensure a smooth, sustainable and stable transition.
Commerce Minister Khandakar Abdul Muktadir made the request during separate bilateral meetings with Ecosoc President Ambassador Lok Bahadur Thapa, Nepal's permanent representative to the UN, and Ecosoc Vice-President Ambassador Amar Bendjama, Algeria's permanent representative to the UN, at the organisation's headquarters in New York.
The minister said Bangladesh could not fully utilise the original preparation period because of prolonged economic and political transitions, global economic uncertainty, the energy crisis, supply chain disruptions, the multidimensional impacts of climate change and other external challenges.
Keep updated, follow The Business Standard's Google news channel
He reaffirmed Bangladesh's commitment to graduating from LDC status and said the government is not seeking the extension to delay the process.
Instead, he said, the additional time would help the country complete key structural reforms, strengthen governance, restore macroeconomic stability, reinforce the financial sector, create a more investment-friendly environment, improve infrastructure and effectively implement its Smooth Transition Strategy.
According to the minister, these measures would help Bangladesh complete its graduation in a smooth, sustainable and resilient manner.
The Ecosoc president and vice-president acknowledged the global challenges that developing countries face during their transition from LDC status.
They also expressed their commitment to working closely with Bangladesh to support a smooth, sustainable and stable graduation process.
Bangladesh is scheduled to graduate on 24 November this year.
Earlier, on 18 February, the Committee for Development Policy, a subsidiary body of Ecosoc, received a request from Bangladesh to consider an extension of the preparatory period for graduation under the crisis response provision of the committee's enhanced monitoring mechanism.
The CDP concluded that an extension of the preparatory period by the General Assembly would be appropriate, provided that Bangladesh makes significant progress during this period on domestic reforms aimed at addressing its persistent structural vulnerabilities.
The committee shared its findings with the government and with the president of Ecosoc.
