Gearing up for sustainable LDC graduation
Finally, a timeline has been set for Bangladesh’s graduation out of the group of least-developed countries (LDCs).
The United Nations Committee for Development Policy (CDP), which is tasked to assess the eligibility of LDCs for graduation, has in its meeting on February 22-26 recommended to the the United Nations Economic and Social Council Bangladesh’s graduation out of the LDC group to take place in 2026.
This recommendation is in keeping with the Bangladesh government’s request for deferment of the graduation, earlier scheduled for 2024, by two years.
The request for deferment, which was made at the meeting on January 15 between Bangladesh officials and the CDP, was because of the challenges faced by the country on account of the ongoing pandemic and in anticipation of the additional time required to address the embedded vulnerabilities.
The task before Bangladesh’s policymakers in this backdrop is to make the best use of the next five years to ensure that the country’s LDC graduation takes place with momentum and that graduation is sustainable.
No doubt, Bangladesh’s LDC graduation should be seen as a reason for national celebration.
It is a recognition of the formidable achievements of Bangladesh in terms of key socioeconomic indicators, which are captured in the three graduation criteria: GNI per capita, Human Asset Index and Economic Vulnerability Index.
Indeed, one of the distinctive features of Bangladesh’s graduation eligibility in 2018 was that it was attained with a significant comfort zone as far as the graduation thresholds were concerned.
Analysis carried out at the Centre for Policy Dialogue (CPD) indicated that under normal situation the comfort zone would be further consolidated and expanded as the country moved towards the final graduation timeline of 2024.