We have to go ahead keeping up this achievement

Bangladesh is going to turn into Developing Country from Least Developed Countries (LDCs) category very soon. The UN Committee for Development Policy (CDP) has offered us this good news. It is quite good news for the entire nation. Once Bangladesh had to undergo a number of insulting phrases. Bangladesh has been disregarded by calling it a country of beggars, bottomless basket and various insulting phrases like these. But Bangladesh has now attained all three criteria for graduation from the least-developed country (LDC) group to developing one.

Roland Mollerus, Chief of Secretariat of the Committee for Development Policy (CDP), handed over Permanent Representative of Bangladesh to the UN Ambassador Masud Bin Momen an official letter conveying this announcement at a simple event organised at the Bangabandhu Auditorium of Bangladesh Mission on March 17. As per the decision, the situation of Bangladesh will observed until 2024. Within this time, evaluation will be done for twice—in 2021 and 2024. Bangladesh will finally attain the formal graduation from the LDC group to developing one in 2024 if this course continues.

The CDP determines the graduation of a least developed country from the LDC category on the basis of its meeting at least two of the three criteria which are Per Capita GNI, Human Asset Index (HAI) and Economic Vulnerability Index (EVI). Bangladesh could meet all the three criteria in this year's review by the CDP. The per capita GNI of Bangladesh is USD 1610 whereas the threshold set by CDP for this year was USD 1230. The HAI of Bangladesh is 72.9 whereas the threshold was 66. The EVI of Bangladesh is 24.8 whereas the threshold was 32. The United Nations Committee for Development Policy, on completion of its review of the LDC category, announced that Bangladesh has met the graduation criteria for the first time.

Now we have to keep up these achievements and gradually take them forward. As per the rule, Bangladesh will formally attain the graduation from the LDC group to developing one in 2024 if the flow of this attainment continues for six years more. So the six years ahead are very important for us because the facilities we would get as a least developed country will come down once the country steps into the developing one. For example, as a least developed country Bangladesh receives loan at grace interest. But the country will not get this once it steps into the developing one. Then, Bangladesh will have to receive loan at high interest. Tax benefits and intellectual property benefits in international trade will come down. As a result, Bangladesh will have to face more competition in the world market. It is seen that after coming out of the LDC group, many countries have faced problems due to these reasons. Their economic growth, export, foreign aid and remittance have reduced. We have to start taking preparations right now to face the challenges which will arise after the graduation from the LDC group to developing one.

The facilities which Bangladesh are getting now will continue till 2024. These facilities may be extended for three years. Within this time, we have to stand up by our own feet. We have to put emphasis on increasing resources from domestic source. We have to take effective initiatives for increasing domestic and foreign investment. Steps should be taken to establish rule of law. Effective steps should be taken to build skilled manpower. Involvement of the private sectors should be increased in this regard.

It will be helpful to meet the goals if we can utilize the new opportunities of investment which will be created due to new image of Bangladesh in the world. We have to put importance on bringing down the economic discrimination and scaling up the rate of poverty reduction. We expect Bangladesh will go ahead in the same pace and will be developed more in future.


risingbd/Dhaka/March 22, 2018/Ali Nowsher/AI