Bangladesh not yet ready for LDC graduation, says Finance Minister
Finance and Planning Minister Amir Khasru Mahmud Chowdhury has said that the country is not fully prepared to graduate from the Least Developed Country (LDC) category, citing economic pressures and structural challenges.
He made the remarks while speaking to journalists after a multilateral consultation meeting held at the NEC Conference Room in Sher-e-Bangla Nagar on Sunday, April 5.
The meeting discussed findings from an independent assessment by the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS) on Bangladesh’s readiness for graduation.
The minister pointed to several challenges, including rising foreign and domestic debt, risks associated with high-interest borrowing, and weaknesses in overall financial management.
He also warned that global energy disruptions and supply chain issues could have long-term effects on the economy, particularly by increasing inflation and impacting essential goods.
He said that while the government is working to manage rising fuel prices, sustaining such pressure over time would be difficult. According to him, continued government expenditure without proper planning could ultimately place additional burden on the public.
Describing the current situation as “a daily economic crisis,” the minister said that most key economic indicators are under strain due to energy subsidies, rising global prices, and import dependency.
He stressed the importance of capacity building, reforms, and skill development to strengthen the economy. He added that Bangladesh could consider postponing the graduation process temporarily to allow time for improving core economic indicators.
Foreign Affairs Minister Dr Khalilur Rahman, Commerce Minister Khandaker Abdul Muktadir, Finance and Planning Adviser Dr Rashed Al Mahmud Titumir, Senior UN official Rabab Fatima, and State Minister of Planning Md Jonayed Abdur Rahim Saki were present on the occasion.
MOS/MHK