Business

Align LDC Graduation Strategy with 9th FYP, Highlight Appropriate Policies

Jun 9, 2024 1 min read

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Experts and policymakers have recommended that Bangladesh develop a strategy for its upcoming graduation from the Least Developed Country (LDC) status, in alignment with the country's 9th Five-Year Plan (FYP). This was discussed during a Technical Level Workshop on Smooth Transition Strategy (STS), organised by the Economic Relations Division (ERD) and the United Nations Department of Economic and Social Affairs (UN DESA) in Dhaka. Finance Minister Abul Hassan Mahmood Ali, who attended the workshop as the chief guest, stated that the country could overcome the challenges of LDC graduation with appropriate policies and strategies in place. The workshop also saw the presence of State Minister for Finance Waseqa Ayesha Khan and Secretary of the Ministry of Commerce Md Selim Uddin.

The event emphasized the need for Bangladesh's LDC graduation strategy to align with long-term development goals to avoid the middle-income trap. UN Resident Coordinator in Bangladesh, Gwyn Lewis, highlighted the importance of supporting Bangladesh's progress towards graduation by focusing on macroeconomic stability, addressing market access challenges, sustaining trade and investment, and accelerating reforms in skills, technology, and compliance with environmental, social, and governance standards. The workshop aimed to share the draft STS and its action plan with relevant stakeholders for feedback and recommendations, stressing the necessity of preparing a national STS during the preparatory period, with assistance from the UN system and cooperation with development and trading partners.

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