The UN General Assembly has recommended and adopted a resolution for the graduation of Bangladesh from the level of Least Developed Countries (LDCs). The decision was taken at the 40th plenary meeting of the 76th session of the council. The Ministry of Finance said this in a press release on 24 November.
In the statement, Finance Minister A H M Mustafa Kamal described it as a ‘historic achievement’ and described it as a great milestone in Bangladesh’s development journey.
For the second time, Bangladesh received a recommendation to meet the criteria for graduation from LDC at the tri-annual meeting of the UN Committee for Development Policy (CDP) held on 26 February. The CDP also recommended that Bangladesh be given a five-year preparation period from 2021 to 2026.
According to a statement issued by the Ministry of Finance, Bangladesh is the only country that has qualified for graduation from LDC by meeting the three criteria set by the United Nations. This achievement of Bangladesh will brighten the image of this country in the world arena and accelerate the journey of further development.
Bangladesh will continue to benefit from the facilities it received as an LDC during the preparation period. Apart from that, under the current rules, Bangladesh will be able to enjoy duty and quota-free benefits in the European Union (EU) market for another three years after 2026, i.e. till 2029.
