The United Nations General Assembly has approved a historic resolution that would graduate three countries, including Bangladesh and Nepal, from the least developed country (LDC) category to the developing country grouping, marking a significant step forward in the countries’ development.
At its 76th session, the United Nations General Assembly (UNGA) passed the resolution. Bangladesh, Nepal, and the Lao People’s Democratic Republic are the three countries that have been granted graduation.
“The United Nations General Assembly has adopted resolution A/76/L.6/Rev.1, Graduation of Bangladesh, the Lao People’s Democratic Republic, and Nepal from the category of least developed countries,” the United Nations said in a statement on Wednesday.
“The three countries will graduate from the LDC category after an exceptionally long preparatory period of five years (the standard period is three years) to allow them to plan for a post-COVID-19 recovery and implement policies and strategies to reverse the economic and social damage caused by the COVID-19 shock,” it said.
“The United Nations General Assembly passes a historic resolution removing Bangladesh from the list of least developed countries. What better way to commemorate our 50th year of independence and the centenary of Bangabandhu’s birth? Realization of national goals and the Prime Minister’s vision for 2021 “Bangladesh’s Permanent Representative to the United Nations, Rabab Fatima, tweeted on Wednesday.
Ms. Fathima thanked all of the Member States, particularly the development partners, for their assistance in reaching an agreement on the resolution’s adoption.
“Prime Minister Sheikh Hasina wants Bangladesh to become a middle-income country by 2021, and a developed country by 2041. Despite the enormous hurdles given by the COVID-19 epidemic, she has led us from the front in this thrilling adventure,” she was reported as saying by bdnews24.com.
According to the United Nations Committee on Development Policy, there are now 46 nations on the LDC list (CDP). One of the conditions for transitioning into a poor country, according to the United Nations, is a per capita income of $1,230.
“This is a watershed moment in Bangladesh’s development journey. This is a reflection of more than a decade of improvement. The Daily Star newspaper quoted Bangladeshi Finance Minister A.H.M. Mustafa Kamal as saying on Thursday, “People from all walks of life are part of this success.”
Bangladesh’s poverty rate was 83 percent when the United Nations classified it as an LDC in 1975. Poverty decreased throughout time, reaching 20.5 percent in 2019-20 before the pandemic destroyed many people’s jobs and economic options.
Bangladesh will formally become a developing country in 2026, after a United Nations commission suggested that the country be given five years instead of three to prepare for the transition because to the economic impact of the Covid-19.
For the second time, the country has met all three graduation criteria: per capita income, human assets index (HAI), and economic and environmental vulnerability index (EVI).
In 1971, Nepal was designated as a least developed country. LDCs are countries that have significant structural barriers to achieving long-term development.
Every three years, membership is reviewed based on the average gross national income (GDP plus net income from overseas); human assets (under-five mortality rate, gross secondary enrolment ratio, and adult literacy rate); and economic vulnerability (such as population, remoteness, merchandise export concentration, natural disasters, instability of agriculture production, and instability of goods and services exports, among other factors).