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UN resolution on Bangladesh graduation from LDC is ‘great milestone’: Kamal

25 November 2021, 4:24:20

Finance Minister AHM Mustafa Kamal has termed the approval of the resolution by the United Nations to graduate Bangladesh from the LDC status as a ‘great milestone’ towards the development march of
the country.

The United Nations General Assembly (UNGA) has approved a resolution to allow Bangladesh to graduate to the developing county grouping from the least developed country (LDC) category 45 years after it was included in the LDC category.

The UNGA adopted the historic resolution at its 40th plenary meeting of the 76 session, said a Finance Ministry press release today. “This historic achievement is a great milestone to the development journey
of Bangladesh. This outstanding achievement has come through the visionary and determined leadership of Prime Minister Sheikh Hasina,” he said.

Kamal said this is an international recognition of the indomitable development march of Bangladesh being made over the last one decade under the directives from the prime minister.

“People from all walks of life are part of this success,” he said.

It is notable that Bangladesh is the lone country to acquire the
eligibility for graduation after fulfilling all the three criteria set by the
UN. This outstanding feat of Bangladesh will brighten further the image of
the country in the global arena and thus expedite the development spree.

Bangladesh has got the recognition by the UN through approval of a
resolution that coincided with the celebration of the golden jubilee of
country’s independence and birth centenary of Father of the Nation
Bangabandhu Sheikh Mujibur Rahman.

The release also said that in order to continue the existing facilities as
well as ensuring smooth and sustainable graduation, necessary policy
strategies and steps have been taken under the guidance of the Prime
Minister’s Office (PMO) taking alongside the private sector and the
development partners.

When the UN included Bangladesh in the LDC group in 1975, the country’s
poverty rate was 83 per cent. The rate of poverty declined over the years and
it was 20.5 per cent in FY 2019-20 before the pandemic devastated jobs and
income opportunities for many.

Earlier, by the end of February this year, Bangladesh became qualified to
graduate into a developing nation from an LDC and United Nations Committee
for Development Policy (UN CDP) recommended the graduation of Bangladesh.

Bangladesh is now scheduled to officially become a developing country in
2026 as the UN committee recommended that the country should get five years,
instead of three, to prepare for the transition due to the impact of the
COVID-19 on its economy.

The country has met, for the second time, all the three eligibility
criteria for the graduation involving per capita income, human assets index
(HAI), and economic and environmental vulnerability index (EVI).

The UN CDP in its second triennial review assessed the economy of
Bangladesh and found a strong fulfillment of all three required criteria for
the graduation.

Bangladesh was well ahead in the gross national income (GNI) criterion and
its per capita income was $1,827 in 2019 against the threshold of $1,222.

In the HAI criterion, the country’s score stood at 75.4 points, well above
the requirement of 66. In the EVI, a country’s score has to be less than 32.
Bangladesh’s score was 27.3.

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