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UN recommendation for Bangladesh’s LDC exit is a ‘historic’ moment: Hasina

UN recommendation for Bangladesh’s LDC exit is a 'historic' moment: Hasina

Eastern Times  Correspondent, Dhaka, 27 February : Bangladesh Prime Minister Sheikh Hasina has said Bangladesh today has dramatically changed from when the Awami League came to power in 2009, during her speech on UN’s final recommendations on Bangladesh’s graduation from the Least Developed Country (LDC) status.

Bangladesh received the final recommendation from a UN committee for graduating from the least developed country (LDC) status after the UN Committee for Development Policy (CDP) made the final decision on Friday night after the second round of review, recommending taking Bangladesh out from the list of the least developed countries.

“Bangladesh has changed dramatically,” she said, hinting at the improvement in the economic and other important indices in a virtual conference on Saturday.

She virtually joined the press conference at the Prime Minister’s Office from her official Ganabhaban residence at 4pm, confirmed by her Press Secretary Ihsanul Karim.

“I’m dedicating the achievement to the new generation of the country, which will advance Bangladesh further, making it a developed and prosperous nation in the future,” she said.

Hasina also said: “Today’s achievement of graduating as a developing nation from the LDC status is the outcome of our tireless efforts, labour and plans for the past 12 years.

“The people have done it all. We’ve only created the scope (to make it happen) through policies and support,” PM Hasina said.

The UN committee also made recommendations on the country’s appeal to extend the final terminal period to 2026 from 2024.

Bangladesh sought to avail the provision of the five-year period for preparations due to the Covid-19 pandemic and its negative impact on its socio-economic condition.

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

Bangladesh fulfilled all the criteria necessary for its elevation to a developing country in 2018. In line with the UN rules, a country will get recommended for graduation if it can fulfil the criteria in two triennial reviews in a row.

According to the UN, a country becomes eligible for graduating from the LDC status if it maintains a per capita gross national income (GNI) of $1,230 or above, a human assets index (HAI) of 66 or above, and an economic vulnerability index (EVI) of 32 or below during the triennial review period.

Bangladesh’s per capita GNI was $1,827, HAI 75.3, and EVI was 25.2 in 2020.

Bangladesh has been on the UN list of LDCs since 1975.

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