Bangladesh receives UN recommendation to exit from LDC list

The United Nations Committee for Development Policy has recommended elevating Bangladesh from a Least Developed Country to developing one.

Taffere Tesfachew, chair of the CDP Subgroup on LDCs, revealed the development in a briefing after its tri-annual review meeting on Friday.

Bangladesh has been on the UN's LDC list since 1975. According to the UN, a country is eligible to graduate from the LDC category if it has a gross national income (GNI) per capita of $1,230 or above for three years, a Human Assets Index (HAI) of 66 or above and an Economic Vulnerability Index (EVI) of 32 or below. Graduation requires fulfilling these criteria in two consecutive tri-annual reviews.

Bangladesh satisfied all the necessary conditions for the first time in 2018 and has continued to meet the mark ever since. The South Asian nation is now set to rank among developing countries along with Nepal and Lao DPR.

The decision on Myanmar has been deferred to the 2024 triennial review due to the state of emergency declared by the country’s military.

After the formal graduation, Bangladesh will lose the benefits for LDCs, such as soft loans and export facilities. It can, however, enjoy those benefits during the five-year preparatory period.

Under the current rules, Bangladesh will enjoy duty-free access to the European Union for three more years after 2026.

Bangladesh is receiving the final recommendation to graduate to the developing country bracket at the same time it celebrates the 50 years of its independence and the birth centenary of Bangabandhu Sheikh Mujibur Rahman.

Prime Minister Sheikh Hasina will speak on the achievement in a virtual media briefing at 4 pm on Saturday.