Post-LDC challenges can be tackled with the right policy formulation

Concerned stakeholders and policy makers feel that the policies and strategies formulated in the context of Bangladesh’s transition from a LDC (LDC graduation) should be fully aligned with the country’s upcoming ninth and five-year plans. They said the strategy should emphasize the necessary structural transformation.

Speakers said this at a workshop titled ‘Technical Level Workshop on Smooth Transition Strategy (STS)’ organized by the Economic Relations Department (ERD) and the United Nations Department of Economic and Social Affairs (UNDESA) in the capital on Sunday (June 9).

Finance Minister Abul Hasan Mahmud Ali was present as the chief guest in the workshop. Minister of State for Finance Miss Wasika Ayesha Khan and Secretary of the Ministry of Commerce Moha were the special guests. Salim Uddin. Besides, Ms. Gwen Lewis, United Nations Resident Representative in Bangladesh, was present as an honored guest. ERD secretary presided over the workshop. Shahriar Kader Siddiqui.

In the workshop, the finance minister said that by formulating and implementing the right policies, procedures and strategies, Bangladesh will be able to face the challenges of transitioning from a less developed country. Bangladesh’s greatest strength is its hard-working people, dynamic business community, the country’s young population and the people-friendly government led by Prime Minister Sheikh Hasina.

The Minister of State for Finance said that the policy strategy titled Smooth Transition Strategy should emphasize the necessary structural transformation to avoid the middle income trap. The Smooth Transition Strategy should be aligned with the country’s long-term plans.

UN resident representative in Bangladesh, Gwen Lewis said, UN is committed to provide the necessary assistance in Bangladesh’s transition from a less developed country. In this regard, he emphasized on economic stability, continued growth of trade and investment, increasing the efficiency of manpower, technological transformation and ensuring environmental standards.

Bangladesh has been able to meet all criteria for transition from least developed country in the triennial review meetings of the United Nations Committee for Development Policy (CDP) held in 2018 and 2021. As a result, Bangladesh will come out of the list of least developed countries in November 2026 at the end of the five-year preparation period.