‘Govt reevaluating LDC graduation amid economic strain’
NN Online:
Dr Anisuzzaman Chowdhury, the newly appointed special assistant to the chief adviser for overseeing the Ministry of Finance, said on Tuesday that the government is carefully reevaluating Bangladesh’s transition from Least Developed Country (LDC) status, taking into account current global and local economic challenges.
“A committee, headed by principal secretary, has already been formed to assess the issue of LDC graduation. The committee has already started their work. I think, within a short time, we can take a decision on it,” he said at a press briefing after meeting with Finance Adviser Dr Salehuddin Ahmed at the Ministry of Finance in the city.
Bangladesh is scheduled to be graduated from the LDC to a developing nation in November 2026, but businessmen are worried, as they will lose preferential trade benefits due to the sudden graduation, which could adversely affect businesses.
In the last Ministerial Conference of the World Trade Organization (WTO), the ministers decided to allow the continuation of the LDC trade benefits to the graduating LDCs for three more years, but the LDCs will have to negotiate bilaterally to obtain the benefits.
The European Union will continue the LDC trade benefit for Bangladesh up to 2029 as it offers three years of grace period to the graduating LDCs. Few other countries like Canada, the UK and Australia will also continue the LDC trade benefits for Bangladesh even after the graduation.
Responding to a question, Anisuzzaman mentioned that he will provide special focus on laundered money recovery and reevaluation of the LDC graduation.
He said if the government takes the decision to delay the graduation for the next two years, Bangladesh will have to submit a detailed, believable and implementable roadmap at the time of applying.
“We are reevaluating whole things deeply. We haven’t made any decision yet. We have the right to apply for reconsideration. But at that time, we have to submit a roadmap. We are working on it,” he added.
He, however, urged the country’s people to pay tax as per rules to participate in nation-building and thus avail the various services. “We have to ensure resource mobilization. We have to develop our capital market,” he added.
Mentioning that bringing back the laundered money is possible, Anisuzzaman said the government is working on it and many international agencies, including the World Bank, are helping Bangladesh to bring back the money.
“Bringing back laundered money is a lengthy process and involves many legal issues. It is extremely crucial for us to recover this money. We are hopeful that we will be able to recover the money,” he added.