UN CDP to assess Bangladesh's graduation readiness as 3-year deferral sought
The EMM sub-committee is also scheduled to meet this week and will review the current situation of countries that have already completed their graduation process, as well as those in the pipeline.
A five-day meeting of the UN Committee for Development Policy (UN CDP) is set to begin Monday (23 February) in New York City, where Bangladesh's graduation-related submission will be assessed.
Dr Debapriya Bhattacharya, a CDP member and head of its Enhanced Monitoring Mechanism (EMM), a sub-committee under UN CDP, is set to travel to New York tonight (21 February) to attend the sessions.
The EMM sub-committee is also scheduled to meet this week and will review the current situation of countries that have already completed their graduation process, as well as those in the pipeline. The three countries currently in the pipeline are Bangladesh, Nepal, and Laos.
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"One of the sessions of the UN CDP meeting will discuss the status of Bangladesh, Nepal, and Laos, which are waiting in the graduation pipeline. It will be scrutinised what progress these countries have made so far and whether they are prepared for graduation at the end of the year," Debapriya told The Business Standard.
The EMM sub-committee reviews how smoothly graduating and graduated LDCs are progressing. It also analyses whether countries that have already graduated are actually able to maintain sustainability. Bangladesh's request for graduation deferral will also be discussed at the meeting.
"There is a crisis button under the EMM. If Bangladesh pushes the button, then the nature of the stated crisis will be analysed and cross-checked with the latest data. Besides, the graduation assessment report of Bangladesh submitted to UN CDP last year will also be taken into consideration. In particular, the information provided in the government's report last November will be weighed against the new application," he said.
The economist also said that Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky, who has now requested a postponement of graduation, had stated in November that everything was on track. Bangladesh's level of commitment to implementing its Smooth Transition Strategy during the graduation period will also be taken into consideration.
Referring to the instance of graduation deferment of Solomon Islands, Debapriya said that the head of the country's government had written the letter seeking time for graduation preparedness, while Bangladesh's request letter was signed by a secretary.
The interim government's Council of Advisers had decided not to seek a deferral of graduation. However, the new government submitted such a request immediately after assuming office. Nepal and Laos have not made any new applications, he said.
Therefore, according to the CDP member, the experiences of these two countries will also be reviewed while assessing Bangladesh's request.
The day after assuming office, the new government formally applied to defer Bangladesh's graduation from the Least Developed Countries category by three years.
On Wednesday, the ERD secretary sent a letter to José Antonio Ocampo, chair of the UN CDP, which operates under the UN Economic and Social Council (Ecosoc).
The letter mentioned a range of domestic and external challenges and requested that the LDC graduation timeline be extended until 24 November 2029. Under the previous decision, Bangladesh is set to graduate on 24 November this year. The third and final review process ahead of graduation is currently underway.
At the urging of leaders of the country's top business bodies and several economists, the immediate past interim government had recommended pursuing an extension until 2030 in coordination with other countries, such as Nepal and Laos, which are on a similar graduation track. The final decision on the matter, however, was left to the elected government.
On Wednesday, after taking charge, Commerce Minister Khandaker Abdul Muktadir told journalists that all necessary steps would be taken to delay LDC graduation.
He said the ministry had begun working on the issue immediately and would move swiftly in coordination with the ERD to advance the deferral process. Later that same day, the ERD secretary sent the letter to the CDP chair.
