Formulate LDC graduation strategy in line with the 9th Five-Year-Plan: Speakers

Bangladesh should formulate its strategy for LDC graduation in line with the country’s upcoming 9th Five-Year-Plan, experts and policymakers said at a workshop in Dhaka on Sunday.

Speakers also said that such a strategy should be aligned with the country’s long-term development goals with a view to avoid the Middle Income Trap.  

Their observations came during the Technical Level Workshop on Smooth Transition Strategy (STS). Economic Relations Division (ERD) and the United Nations Department of Economic and Social Affairs (UN DESA) jointly organised the workshop.

Finance Minister Abul Hassan Mahmood Ali was present at the inaugural session of the workshop as the chief guest.

State Minister for Finance Waseqa Ayesha Khan and the Secretary of the Ministry of Commerce Md Selim Uddin attended the event as special guests.

UN Resident Coordinator in Bangladesh Gwyn Lewis was the guest of honour. ERD Secretary Md. Shahriar Kader Siddiky chaired the event.

Bangladesh met all the criteria for graduation from the LDC status in the consecutive 2018 and 2021 triennial reviews of the Committee for Development Policy (CDP) of the United Nations. Following a five years’ preparatory period, Bangladesh will graduate from the LDC status in November 2026.

It is recommended by the United Nations that a graduating LDC should prepare a national Smooth Transition Strategy (STS) during the preparatory period in cooperation with its development and trading partners and with targeted assistance from the UN system.

Accordingly, Bangladesh has recently started the process of STS formulation in collaboration with UN DESA. As part of this process, the technical workshop was organised to share the draft STS as well as the associated action plan with the relevant stakeholders and to receive their feedback and recommendations. 

Speaking on the occasion, the finance minister said Bangladesh could overcome all the challenges if the right policies and strategies are put in place.

“Our strengths lie in our hardworking people, vibrant entrepreneurs, the young generation and people-friendly government under the leadership of Hon’ble Prime Minister Sheikh Hasina,” the finance minister said.

The state minister for finance, in her speech, said that the STS should promote structural transformation to avoid the Middle Income Trap. She also observed that the STS should be aligned with our long-term development goals.  

syful-islam@outlook.com