3-year extension request not to delay LDC graduation, but to consolidate reforms: Minister to UN Ecosoc

Bangladesh has urged the United Nations Economic and Social Council (Ecosoc) to allow a three-year extension to its preparatory period for graduation from the Least Developed Country (LDC) category, saying additional time would help ensure a smooth, sustainable and stable transition.

Commerce Minister Khandakar Abdul Muktadir made the request during separate bilateral meetings with Ecosoc President Ambassador Lok Bahadur Thapa, Nepal’s permanent representative to the UN, and Ecosoc Vice-President Ambassador Amar Bendjama, Algeria’s permanent representative to the UN, at the organisation’s headquarters in New York.

The minister said Bangladesh could not fully utilise the original preparation period because of prolonged economic and political transitions, global economic uncertainty, the energy crisis, supply chain disruptions, the multidimensional impacts of climate change and other external challenges.

He reaffirmed Bangladesh’s commitment to graduating from LDC status and said the government is not seeking the extension to delay the process. 

Instead, he said, the additional time would help the country complete key structural reforms, strengthen governance, restore macroeconomic stability, reinforce the financial sector, create a more investment-friendly environment, improve infrastructure and effectively implement its Smooth Transition Strategy.

According to the minister, these measures would help Bangladesh complete its graduation in a smooth, sustainable and resilient manner.

The Ecosoc president and vice-president acknowledged the global challenges that developing countries face during their transition from LDC status. 

They also expressed their commitment to working closely with Bangladesh to support a smooth, sustainable and stable graduation process.