Dhaka, 02 January 2022: Honorable Prime Minister Sheikh Hasina has said that the government had started formulating a Smooth Transition Strategy to ensure a smooth and sustainable LDC graduation for Bangladesh.
The Honorable Prime Minister said this while speaking as the chief guest of the LDC graduation celebration event organized at the Bangabandhu International Conference Centre in Dhaka today.
Economic Relations Division of the Ministry of Finance organized the event. Honourable Finance Minister Mr. A H M Mustafa Kamal, FCA, MP chaired the event.
Honourable Prime Minister also hoped that the aforementioned national document would outline effective strategies and directions for tackling the future challenges while utilizing the opportunities offered by LDC graduation.
At the same time, she also called for devising an evidence-based, timely and effective strategy which would be based on facts and figures coming from necessary research and surveys.
Speaking on the occasion, Honorable Finance Minister Mr. A H M Mustafa Kamal, FCA, MP said that it had taken Bangladesh’s economy 38 years after her independence to reach the 100 billion US Dollar mark. He noted that it had grown, whereas, by four times over the last 12 years to reach 411 billion US Dollar in size– thanks to the prudent planning and proper execution under the leadership of the honorable Prime Minister.
Honorable Speaker Dr. Shirin Sharmin Chaudhury, MP, in her speech, termed the LDC graduation as the first major milestone in Bangladesh’s development journey.
Education Minister Dr. Dipu Moni, MP and State Minister for ICT Mr. Zunaid Ahmed Palak, MP also spoke on the occasion. They opined in their remarks that this historic feat had been possible due to the inclusive socioeconomic development under the leadership of the honourable Prime Minister.
ERD Secretary Ms. Fatima Yasmin, in her welcome speech, said that Bangladesh had made commendable progress in all socioeconomic parameters for more than a decade thanks to the competent leadership of the honourable Prime Minister.
She also noted that Bangladesh had been able to successfully overcome the major impediments like global economic recession, natural disasters, and COVID-19 pandemic.
A number of audio visual materials on Bangladesh’s LDC graduation and economic progress were screened during the event. The program also featured cultural performances by the country’s prominent artists. Various important points of the capital were adorned with banners to raise public awareness about this historic feat.
Bangladesh met all the criteria for LDC graduation for the second consecutive time during the latest triennial review of the Committee for Development Policy (CDP) of the United Nations back in February 2021.
CDP also recommended providing an extended preparatory period of five years for Bangladesh spanning from the year 2021 to 2026.
The recommendation had been duly endorsed by the Economic and Social Council (ECOSOC) of the United Nations on 08 June 2021.
Consequently, United Nations General Assembly adopted the resolution of ECOSOC’s recommendation for Bangladesh’s LDC graduation on 24 November 2021.
Following the five year long period recommended by the United Nations, Bangladesh will formally graduate from the LDC category in November 2026.
It is notable that Bangladesh is the only country that has been recommended for LDC graduation by fulfilling all three criteria set by the United Nations.
Bangladesh has been recommended for graduation at a time when the whole country is celebrating the golden jubilee of independence as well as the birth centennial of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
Graduation from LDC status is a testimony to the incredible socioeconomic progress that has taken place under the prudent leadership of the honourable Prime Minister Sheikh Hasina.
In this context, the celebration event was organized to commemorate this historic milestone and also to congratulate and to show gratitude to our honourable Prime Minister Sheikh Hasina for paving the way towards a developing nation.
This event has created massive awareness about this historic national achievement– which will act as an inspiration for the whole nation in moving forward in the future.